By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sept. 1 (CNS Canada) – ICE Futures Canada canola contracts were weaker in quiet activity Friday morning, as traders positioned themselves ahead of the long weekend.
Canadian and US markets will both be closed Monday, September 4, for Labour Day.
The losses in canola came despite a relatively steady tone in the Chicago Board of Trade soy complex, as a sharp move higher in the Canadian dollar weighed on the market. The rising currency cuts into crush margins and makes exports less attractive to international buyers.
Mounting harvest pressure added to the softer tone in canola, although there are also still enough areas of concern across the Prairies to keep some weather premiums in the market.
About 2,500 canola contracts had traded as of 8:52 CDT.
Milling wheat, durum, and barley futures were all untraded.
