By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 7 (CNS Canada) – ICE Futures Canada canola contracts were steady to mostly higher Wednesday morning, seeing some follow-through buying interest after Tuesday’s rally.
A move above the psychological C$500 per tonne level in the nearby March contract was supportive from a chart standpoint, helping underpin the futures.
Ongoing weakness in the Canadian dollar, which was down about a fifth of a cent in early activity, contributed to the firmer tone in canola.
However, a slightly softer tone in Chicago Board of Trade soybeans and soyoil tempered the upside potential in canola. Ample old crop supplies and expectations for large Canadian seedings this spring also put some pressure on values.
About 7,500 canola contracts had traded as of 8:53 CST.
