By Dave Sims, Commodity News Service Canada
WINNIPEG, February 20 (CNS) – Canola contracts on the ICE Futures Canada platform were stronger on Tuesday as supportive weather issues in South America and spillover selling from the soy sector lifted the canola market.
“We’re still getting short-covering coming from the funds in the March,” noted a trader in Winnipeg.
The Canadian dollar was lower relative to its U.S. counterpart, which helped prop up prices.
Crush numbers are also on the upswing, which brought in additional buying, according to the trader.
However, losses in Malaysian palm oil limited the gains.
The size of the soybean crop in Brazil rose in recent estimates, which was bearish.
About 24,000 canola contracts had traded as of 10:40 CST.
Prices in Canadian dollars per metric ton at 10:40 CST:
