By Dave Sims, Commodity News Service Canada
WINNIPEG, July 3 – Canola contracts on the ICE Futures Canada platform corrected upwards marginally on Thursday morning, driven in part by gains throughout the soy complex.
Monday’s USDA report, along with favourable weather forecasts in the US, continues to dominate trader interest, an analyst said.
The flooding occurring in southeast Saskatchewan and southwest Manitoba is fuelling concerns about acreage losses in those areas, but hasn’t moved markets in a significant way.
Sideways trading could reportedly be the norm Thursday, as investors continue to position themselves ahead of the July 4th long weekend. US markets will close early today and re-open Monday while the Canadian market will stay on its regular schedule.
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The Canadian dollar is hovering just below the psychologically important 94 US cents level.
With canola’s downturn earlier this week, any bounce is likely to be considered a selling opportunity, according to a report.
About 1,100 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
