ICE canola up in early trade

By Phil Franz-Warkentin, Commodity News Service Canada

Winnipeg, July 3 – ICE Canada canola contracts were mostly stronger Friday morning after trading to both sides of unchanged overnight. Activity was thin and choppy as many participants kept to the sidelines with the US markets closed for the Independence Day holiday.
Ongoing concerns over hot and dry weather conditions across a large portion of the Prairies remained a supportive influence in canola, with forecasts calling for more of the same heading into the next week.
Weakness in the Canadian dollar, which has fallen sharply relative to its US counterpart over the past week, was also supportive for canola, according to participants.

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However, ideas that canola is looking overpriced compared to other oilseeds did temper the upside potential. The lack of direction from the US also has the potential to lead to some price swings as the day progresses, if participants try to push the thinly traded market one way or the other.
About 2,000 canola contracts had traded as of 8:52 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:52 CDT: