By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 4 (CNS Canada) – ICE Canada canola contracts were weaker Monday morning in relatively quiet activity, as many participants kept to the sidelines with the US markets closed for Independence Day.
CBOT soybeans and soyoil were down on Friday, when Canadian markets were closed for Canada Day, and some of Monday’s selling pressure was tied to playing ‘catch-up’ with the US futures.
A firmer tone in the Canadian dollar was also bearish for canola, while relatively favourable crop conditions across most of Western Canada continued to overhang the market as well.
However, there is still a long growing season ahead and the need to keep some weather premiums in the futures tempered the declines.
Ideas that canola is looking underpriced compared to other oilseeds also provided some support, according to participants.
About 1,500 canola contracts had traded as of 8:49 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:49 CDT:
