|By Phil Franz-Warkentin, Commodity News Service Canada|
|August 3, 2012|
|Winnipeg – ICE Canada canola futures traded to both sides of unchanged in thin overnight trade, but the bias was to the upside Friday morning as participants were moving to the sidelines and squaring positions ahead of the long weekend. Canadian markets will be closed August 6 for a civic holiday.
A firmer tone in the CBOT soy complex provided underlying support for canola, according to participants. Traders were expressing some concern that recent rain in the US would not be enough to significantly improve the yield prospects for the soybean crop.
Canada’s canola crop has also been stressed by recent heat and disease issues, although relatively favourable prospects overall did limit the upside potential, said participants. The looming harvest pressure was keeping canola within a narrow range as well.
The Canadian dollar was trading just shy of parity with its US counterpart Friday morning, which put some further pressure on canola.
About 900 canola contracts had traded as of 8:46 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Friday morning.
Prices in Canadian dollars per metric ton at 8:46 CDT:Price Change
Canola Nov 613.60 up 0.40
Jan 616.00 up 1.00
Mar 616.70 up 1.00
Milling Wheat Oct 297.50 unch
Dec 305.00 unch
Durum Oct 311.50 unch
Dec 316.00 unch
Barley Oct 264.50 unch
Dec 269.50 unch
Futures Prices as of May 17, 2013
Prices are in Canadian dollars per metric ton