By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 21 (CNS Canada) – ICE Futures Canada canola contracts were stronger Wednesday morning, finding some spillover support from advances in Chicago Board of Trade soybeans.
Hot and dry weather forecasts out of Argentina remained a major driver in the oilseed markets, with excessive moisture in Brazil also providing some support.
Weakness in the Canadian dollar added to the firmer tone in canola, as the currency dipped below the 79 U.S. cent mark.
Solid end user demand remained supportive as well, although ample old crop supplies and expectations for large planted acres this spring tempered the upside.
About 7,000 canola contracts had traded as of 8:58 CST.
