By Dave Sims, Commodity News Service Canada
Winnipeg, February 21 (CNS Canada) – The ICE Futures Canada canola complex continued to rise alongside U.S. soybeans and soyoil.
Dry weather in Argentina underpinned the futures.
Spread action was steady as traders continued to roll out of the March contract and into May.
Weakness in the Canadian dollar was supportive.
However, farmer selling and the growing soybean crop in Brazil were bearish for the market.
Traders are preparing for this week’s USDA Agricultural Outlook Forum where this year’s soybean production and supply will be discussed.
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Around 31,676 canola contracts were traded on Wednesday, which compares with Tuesday when around 40,573 contracts changed hands. Spreading accounted for 21,612 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
The soybean market finished higher on Wednesday due to weather conditions in South America and continued strength in soymeal.
Weakness in the U.S. dollar was supportive for soybeans.
Volumes were strong with most of the trades occurring in the May contract.
Corn futures finished slightly higher in technical trading.
There are reports that dry weather in Argentina is starting to cut into yields.
The European Commission is planning a review of its anti-dumping duties on U.S. ethanol, which was supportive. The current duty stands at 9.5 per cent.
Chicago wheat futures ended lower on Wednesday, due to forecasts calling for rain in Texas and Oklahoma.
Technical selling was also a feature of the session.
Algeria purchased 340,000 tonnes of wheat in a tender. The origin was not specified.
