By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 23 (CNS Canada) – ICE Futures Canada canola contracts were stronger Friday morning, as supportive technical signals kept speculators on the buy side ahead of the weekend.
Gains in Chicago Board of Trade soyoil and recent weakness in the Canadian dollar added to the firmer tone in canola, as that combination is supportive for crush margins.
Ongoing concerns over soybean production prospects out of Argentina helped underpin the market as well, although CBOT soybean futures were a bit softer in early activity.
Ample old crop supplies and expectations for large planted acres this spring also weighed on values.
About 4,000 canola contracts had traded as of 8:49 CST.
