By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 5 (CNS Canada) – ICE Futures Canada canola contracts were stronger Monday morning, as weakness in the Canadian dollar and gains in Chicago Board of Trade soyoil provided support.
Bullish technical signals contributed to the gains, as the market trended higher for the past month and still has more room to the upside.
However, the advances were also bringing in farmer selling on the other side, which put some pressure on values. Ample old crop supplies and expectations for large planted acres this spring also served to temper the upside.
About 4,200 canola contracts had traded as of 8:55 CST.
