By Terryn Shiells, Commodity News Service Canada
February 19, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at stronger price levels at 10:42 CST Tuesday, following the advances seen in CBOT soybeans, analysts said.
The rally seen in soybeans was weather related, as the rains in Argentina over the weekend weren’t as good as expected, and didn’t alleviate all the dryness in the soybean growing regions.
Increased buying interest from fund accounts also helped push soybeans and canola to higher ground, market watchers noted.
Weakness in the value of the Canadian dollar, as it fell sharply against its US counterpart, also added to the bullish price sentiment in canola.
Continued concerns about the tight canola supply situation in Canada were also responsible for some of the upward price action.
However, a pickup in farmer selling and profit-taking at the highs helped to slow the advances, according to participants.
As of 10:42 CST Tuesday, about 17,250 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:42 CST:
