Canola drops after better growing conditions, U.S. markets closed

Winnipeg – The ICE Futures canola market was weaker on Thursday, dipping below nearby chart support in thin and choppy activity.

Improving moisture conditions in parts of Western Canada accounted for some of the selling pressure. However, there are also still plenty of areas of concern across the Prairies to keep some weather premiums in the market.

Traders did show a reluctance to push values too far below previous chart support of C$450 per tonne in the November contract, with the lack of direction from the Chicago soy complex keeping some caution in the canola market.

United States markets were closed for Independence Day and many canola traders also kept to the sidelines.

About 4,112 canola contracts traded on Thursday, which compares with Wednesday when 11,437 contracts changed hands. Spreading accounted for 1,338 of the contracts traded.

OUTSIDE MARKETS

Light crude oil nearby futures in New York was up$1.09 at US$57.34 per barrel.

In the afternoon, the Canadian dollar was trading around US76.58 cents, down from 76.49 centsthe previous trading day. The U.S. dollar was C$1.3059.

Winnipeg ICE Futures Canada dollars per tonne.

Canola Jul 19449.70s-0.50-0.11%

Canola Nov 19448.70s-1.70-0.38%

Canola Jan 20455.60s-1.60-0.35%

Canola Mar 20462.00s-1.50-0.32%

Canola May 20467.70s-1.10-0.23%

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