By Jade Markus, Commodity News Service Canada
WINNIPEG, June 9 – ICE Canada canola contracts were mixed at midday on Friday, in low-volume trade ahead of data from the United States Department of Agriculture.
Though the effects of the USDA’s supply and demand report, to be released at 11 a.m. CDT, are expected to be short-lived in canola, trade was sluggish ahead of that data.
Spread activity was responsible for the mixed tone in canola, one Winnipeg-based trader said.
Crops in Western Canada need moisture, he added, which is a supportive feature.
“Everybody is crossing their fingers and praying that we get that rain. It’s critical in many many areas,” he said.
The Canadian dollar was stronger against its US counterpart on Friday, which had a bearish effect on the market.
A stronger Canadian dollar makes the country’s commodities less affordable for international buyers.
About 7,257 contracts had traded as of 10:19 a.m. CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:19 a.m. CDT:
