By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 21 (CNS Canada) – ICE Futures Canada canola contracts were trading within a dollar of unchanged Wednesday morning, lacking any clear direction.
Advances in Chicago Board of Trade soybeans and soyoil provided some spillover support for canola as the Canadian oilseed consolidated within a narrow range.
The Canadian dollar was up by about half a cent relative to its United States counterpart, which put some pressure on canola. The rising currency cuts into crush margins and makes exports less attractive to international buyers.
Large old crop canola supplies and expectations for increased seeded acres this spring also kept a lid on the upside.
About 2,100 canola contracts had traded as of 8:50 CDT.
