By Dave Sims, Commodity News Service Canada
WINNIPEG, February 28 (CNS) – Canola contracts on the ICE Futures Canada platform were stronger Wednesday morning, taking strength from gains in the U.S. soy complex.
Excess moisture in Brazil continues to hamper harvest efforts while dryness in Argentina is damaging the soybean crop.
The most-active May contract seems to have found technical support at the C$520 per tonne level.
The technical bias is pointed higher.
However, farmer selling was bearish for values.
This year’s canola carryout looks to be very large.
Prices in Canadian dollars per metric ton at 8:50 CST:
