By Phil Franz-Warkentin, Commodity News Service Canada
July 5, 2013
Winnipeg – ICE Canada canola contracts were stronger Friday morning, seeing a modest correction from Thursday’s declines.
The Canadian futures moved lower on Thursday while US markets were closed for the July Fourth holiday, but the a lack of volumes was thought to have exaggerated the downward move in canola.
CBOT soybeans were narrowly mixed early Friday morning, with the choppiness expected to continue through the session as many participants keep to the sidelines ahead of the weekend.
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Continued concerns over excessive moisture in some parts of the canola growing regions of western Canada remained supportive for prices. Talk of heat stress was also underpinning the futures. However, the majority of the crop is thought to be in good shape overall, which limited the upside potential.
The Canadian dollar was weaker Friday morning, moving back below 95 US cents. The softer currency helps crush margins improve and also makes exports more attractive.
About 800 canola contracts had traded as of 8:41 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Friday morning.
Prices in Canadian dollars per metric ton at 8:41 CDT:
