By Dave Sims, Commodity News Service Canada
Winnipeg, July 4 (CNS Canada) – Canola contracts on the ICE Futures Canada platform ended weaker Wednesday in a lackluster trading session.
Yesterday’s losses in the Chicago Board of Trade soy complex continued to point the way lower for canola, even though markets in the United States were closed today for Independence Day.
The canola crop in Canada continues to advance ahead of its normal pace and there are general expectations the harvest will begin in August, which capped the upside.
The Canadian dollar has been stronger as of late, which dragged on prices.
However, gains in European rapeseed futures were supportive for the market.
There are also ideas China may be on the hunt for more canola soon as its tariffs on U.S. soybeans are set to kick in on Friday.
About 8,263 canola contracts traded, which compares with
Tuesday when 11,294 contracts changed hands. Spreading accounted for 2,794 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
