By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 20 (CNS Canada) – ICE Futures Canada canola contracts were stronger Tuesday morning, as gains in Chicago Board of Trade soybeans spilled over to provide support.
Ongoing concerns over weather conditions in Argentina provided the spark for the advances in soybeans, as rainfall over the weekend failed to live up to expectations in the South American country.
A weaker tone in the Canadian dollar added to the early strength in canola, according to participants.
Solid end user demand remained supportive as well, although ample old crop supplies and expectations for large planted acres this spring should be keeping the buying interest rather subdued.
About 12,000 canola contracts had traded as of 9:03 CST.
