By Dave Sims, Commodity News Service Canada
Winnipeg, July 3 – THE ICE Futures Canada canola market finished higher in light trading Friday – as concerns over dryness across Western Canada underpinned the market. US markets were closed due to the July 4th holiday leaving many traders on the sidelines.
Hot, dry conditions across the western Prairies continue to
support canola while a lack of farmer selling was also bullish. Producers in Saskatchewan and Alberta are leery to make sales right now as they don’t know how much crop they will have, said an analyst.
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The Canadian 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.
Milling wheat, durum, and barley were all untraded.
Around 4,026 canola contracts were traded on Friday, which compares with Thursday when around 18,889 contracts changed hands.
Milling wheat, barley and durum were all untraded.
Settlement prices are in Canadian dollars per metric ton.
