By Phil Franz-Warkentin, Commodity News Service Canada
July 3, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were holding onto small gains in most months at 10:52 CDT Thursday, as the market saw some consolidation after posting large losses earlier this week.
Oversold price sentiment contributed to the firmer tone, with positioning ahead of the US Independence Day long weekend a feature. US markets will close early on Thursday and will not reopen until Monday morning. ICE Canada will continue to trade its normal hours.
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While continued weakness in the US soy complex did put spillover pressure on canola, the Canadian market managed to see some strength of its own as excessive moisture in parts of the Prairies cuts into production prospects.
The extent of the damage is still being calculated, with many acres in western Manitoba and eastern Saskatchewan flooded out, and other fields also hurt by the wet weather.
About 10,000 canola contracts had traded as of 10:55 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged after seeing some price revisions following Wednesday’s close.
Prices in Canadian dollars per metric ton at 10:55 CDT:
