By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 1 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Thursday, as weakness in the Canadian dollar and gains in Chicago Board of Trade soybeans and the United States wheat markets provided support.
Canola remains in a well-established technical uptrend, which kept speculators on the buy side at midday and added to the firmer tone.
However, increased farmer selling tempered the upside, as producers are still sitting on large old crop supplies. Expectations for increased seeded acres this spring also weighed on values.
About 10,500 canola contracts had traded as of 10:54 CST.
