By Dave Sims, Commodity News Service Canada
WINNIPEG, July 11 – Canola contracts on the ICE Futures Canada platform were mostly lower Friday morning in choppy trading as investors positioned themselves in the lead-up to the release of the USDA monthly report.
Later this morning the USDA will release its monthly Crop Production and World Agricultural Supply and Demand Estimates. That report will likely set the tone for the day.
European rapeseed and palm oil are both weaker, which weighed on values.
Canola has lost the price advantage it once held over other oils which is pressuring values, according to an analyst.
Flooding in the eastern Prairies, and a lack of rain in the Peace River, Alberta district, continues to provide underlying support.
The Canadian dollar is down four tenths of a cent against its US counterpart, which was also bullish.
About 1,300 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
