By Dave Sims, Commodity News Service Canada
WINNIPEG, July 3 – Canola contracts on the ICE Futures Canada platform were mixed in light-trading at 10:40 CDT Friday. The near-term November contract was slightly below unchanged while the more deferred values were higher, feeling some support from currency issues. US markets were closed due to the July 4th holiday leaving many traders on the sidelines.
“It’s a nothing day,” said an analyst, noting the mixed action showed canola had value at its current price but needed support from the soy complex to really do anything.
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Hot, dry conditions across the western Prairies continue to support canola.
A lack of farmer selling was also bullish, according to the analyst.
“Producers are not going to sell right now. A lot of them in Saskatchewan and Alberta are compromised and don’t know what kind of crop they’re going to get,” he said.
ian dollar was lower relative to its US counterpart, which made canola slightly more attractive to out-of-country buyers.
However, large world-wide supplies of soybeans capped the upside.
There are ideas that canola is expensive compared to other vegetable oils which also put pressure on values.
Around 2,300 contracts had traded as of 10:40 CDT, Friday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
