By Dave Sims, Commodity News Service Canada
WINNIPEG, July 2 – Canola contracts on the ICE Futures Canada platform were mixed at 10:35 CDT Thursday with the two nearby contacts lower while some of the more-deferred contracts were higher following US soyoil. The November and January contracts were catching up with the US markets which posted large losses on Wednesday when Canadian markets were closed for the Canada Day holiday.
One trader said the choppy action may have been exaggerated slightly due to the nearness of the July 4 holiday.
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“It already is looking quieter today, we’re kicking around but can’t seem to spend more than five minutes going in one direction,” he said.
Persistent dry conditions across Alberta and Saskatchewan continue to support canola while the technical bias remains pointed upward.
However, the Canadian dollar was slightly higher relative to its US counterpart, which made canola less attractive to international buyers.
There are ideas that canola is expensive compared to other vegetable oils which also put pressure on values.
Around 13,200 contracts had traded as of 10:35 CDT, Thursday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:35 CDT:
