By Dave Sims, Commodity News Service Canada
WINNIPEG, February 21 (CNS) – Canola contracts on the ICE Futures Canada platform were stronger on Wednesday, following advances in the U.S. soy complex.
Dry conditions in Argentina continue to underpin futures.
Traders will be watching closely to see what news comes out of this week’s USDA outlook forum. The event starts Thursday and will feature a lot of speculation about what soybean production and demand for the coming year will be.
Weakness in the Canadian dollar was supportive for canola.
However, the Brazilian soybean crop continues to grow larger, which was bearish.
Farmer selling has been steady.
About 16,500 canola contracts had traded as of 10:35 CST.
