By Phil Franz-Warkentin, Commodity News Service Canada
July 3, 2013
Winnipeg – ICE Canada canola contracts were narrowly mixed Wednesday morning in thin, directionless trade. The bias was to the upside in the most active contracts.
Advances in CBOT soybeans and soybeans, along with overnight strength in Malaysian palm oil and European rapeseed, did lend some spillover support to the canola market, according to participants.
Tight old crop canola supplies and concerns over new crop production in some parts of western Canada were also supportive. However, weather conditions generally look good for crop development, which weighed on prices overall.
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Increased farmer selling was also said to be putting some pressure on values.
US markets will close early today and remain closed Thursday for the July 4th Independence Day holiday. With traders in the US moving to the sidelines ahead of the holiday, participants said the thin volumes could lead to some choppiness in the futures.
About 1,600 canola contracts had traded as of 8:48 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Wednesday morning.
Prices in Canadian dollars per metric ton at 8:48 CDT:
