By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 3 (MarketsFarm) – The ICE Futures canola market was posting small losses Friday morning in very thin and choppy activity.
Markets in the United States are closed for the Independence Day long weekend and the lack of direction from the Chicago Board of Trade kept Canadian traders to the sidelines as well.
The November canola contract has improved by about C$8 per bushel over the past week and is now consolidating near the upper edge of its nearby trading range.
Weather conditions across the Prairies remain mixed, with persistent rains in northern Alberta, but drier weather in the eastern Prairies.
The Canadian dollar was holding steady in early trade, providing little direction for canola.
About 675 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Canola Nov 475.80 dn 0.60
Jan 482.20 dn 0.40
Mar 486.70 dn 0.60
May 490.80 dn 0.90