By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 4 (MarketsFarm) – ICE Futures canola contracts were posting small losses at midday Thursday in thin and choppy activity.
Many traders kept to the sidelines with United States markets closed for the Independence Day holiday. The low volumes could lead to some volatility during the day, according to participants.
The November contract was testing chart support, moving below the C$450 per tonne level.
Improving weather conditions in parts of Western Canada put some pressure on values. However, there are also still plenty of areas of concern across the Prairies to keep some weather premiums in the market.
The Canadian dollar was steady at midday.
About 2,000 canola contracts traded as of 10:59 CDT.
Prices in Canadian dollars per metric tonne at 10:59 CDT:
Price Change
Canola Nov 449.40 dn 1.10
Jan 456.40 dn 0.80
Mar 462.80 dn 0.70
May 468.10 dn 0.70
