By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 29 (CNS Canada) – ICE Canada canola contracts were chopping around unchanged within a narrow range Friday morning.
The Chicago Board of Trade was also choppy in early activity, providing little direction for canola. Canadian markets will be closed Monday for a civic holiday (Terry Fox Day in Manitoba), while US markets remain open. Positioning ahead of the long weekend was keeping some caution in the canola market.
Solid end-user demand, as crush margins remain highly profitable, provided underlying support for canola.
On the other side, relatively favourable North American crop conditions and expectations for large crops did put some pressure on values.
The Canadian dollar was stronger in early activity.
About 2,200 canola contracts had traded as of 8:53 CDT.
Milling wheat, durum, and barley futures were all untraded.
