By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Feb. 19 – Canola futures on the ICE Canada trading platform were stronger at midday Thursday, finding spillover support from the gains seen in Chicago soybean and soymeal futures, analysts said.
The weakness in the value of the Canadian dollar was also bullish, as it made canola more attractive to exporters. Crush margins were also improving, causing domestic crushers to make some purchases.
Steady commercial demand for Canadian canola, some minor speculative interest and strength in European rapeseed futures also underpinned the market.
However, weakness in Chicago soyoil futures limited the advances, as did expectations of a record large South American soybean crop.
There was some routine pricing by farmers at the highs, but nothing massive. Producers were being patient, waiting for higher prices, and warmer weather, brokers said.
As of 10:46 CST Thursday, about 18,500 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:46 CST:
