By Dave Sims, Commodity News Service Canada
Winnipeg, July 4 – THE ICE Futures Canada canola market suffered modest losses in a sleepy trading session on Monday. The Canadian dollar was stronger relative to its US counterpart which made canola less attractive on the international market.
US markets were closed in observance of Independence Day and there are ideas their absence may have exaggerated the declines, according to a market-watcher.
Canola may also have been tracking Friday’s losses in US soy. Markets in Canada were closed on that day because of Canada Day.
Weather conditions across Western Canada are mostly favourable for canola plants.
Losses in crude oil were bearish for the market.
However, advances in Malaysian palm oil and European rapeseed futures were supportive for canola.
There is speculation canola is underpriced compared to other oilseeds.
Around 5,239 canola contracts were traded on Monday, which compares with Thursday when around 26,137 contracts changed hands.
Milling wheat, barley and durum were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
