By Phil Franz-Warkentin, Commodity News Service Canada
July 4, 2014
Winnipeg – ICE Futures Canada canola contracts bounced around both sides of unchanged on Friday in very thin volumes, but managed to settle higher. Many Canadian participants kept to the sidelines with the US markets closed for Independence Day.
The choppy two-sided trade was largely comprised of local and commercial participants, with some light pre-weekend positioning behind most of the activity.
After heavy rains hit Manitoba and Saskatchewan over the past weekend, canola traders were still trying to digest just how much of the crop was lost from the excessive moisture.
The Canadian dollar was slightly weaker on Friday, but was still holding near its best levels of the past six months. The stronger currency cuts into crush margins and also makes exports less attractive.
Only 1,615 canola contracts were traded on Friday, which compares with Thursday when 14,743 contracts changed hands.
Milling wheat, durum and barley futures were untraded and unchanged.
US markets were all closed today for the Independence Day holiday.
Settlement prices are in Canadian dollars per metric ton.
