By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 28 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Wednesday, as weakness in the Canadian dollar and gains in Chicago Board of Trade soybeans provided support.
Crush margins have shown some considerable improvement over the past few weeks, making canola more attractive to both exporters and domestic processors, according to a broker.
Supportive technical signals were also underpinning the market, with speculators adding to long positions.
However, increased farmer selling tempered the upside, as producers are still sitting on large supplies. Expectations for increased seeded acres this spring also weighed on values.
About 13,000 canola contracts had traded as of 10:48 CST.
