By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 22 (CNS Canada) – ICE Futures Canada canola contracts traded to both sides of unchanged in overnight activity, with the bias turning higher Thursday morning.
Chart-based speculative buying was a feature, as the nearby technical remain pointed higher for canola, according to participants.
Weakness in the Canadian dollar, which was down another third of a cent relative to its United States counterpart, added to the firmer tone with crush margins showing some improvement over the past week.
Ongoing weather concerns out of Argentina remained supportive for the oilseeds in general as well, although early losses in Chicago Board of Trade soybeans tempered the upside in canola.
Ample old crop supplies and expectations for large planted acres this spring also weighed on values.
About 5,500 canola contracts had traded as of 9:04 CST.
