By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 20 (CNS Canada) – ICE Futures Canada canola contracts were stronger Tuesday morning, seeing a modest correction amid ideas Monday’s losses were overdone.
Early gains in Chicago Board of Trade soybeans provided spillover support for canola, with the recent weakness in the Canadian dollar also underpinning the futures.
However, soyoil futures were slightly softer and the Canadian dollar was off of its nearby lows, which cut into crush margins somewhat.
Large old crop canola supplies and expectations for increased seeded acres this spring also kept a lid on the upside.
About 2,200 canola contracts had traded as of 8:54 CDT.
