By Phil Franz-Warkentin, Commodity News Service Canada
July 4, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at 10:58 CDT Friday in very quiet trade as the lack of direction from the US markets kept many Canadian participants on the sidelines as well.
US markets were closed Friday for Independence Day.
A trader described the activity in canola as a “two-sided back and forth” between local and commercial participants. He said some light hedging ahead of the weekend was putting pressure on values, but the lack of liquidity was keeping some caution in the market.
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Canola traders are also still trying to digest just how much of the crop was lost from excessive moisture over the past week. While the production uncertainty did remain somewhat supportive, there are also ideas that crops are looking good in many other parts of the Prairies.
Fewer than 1,000 canola contracts had traded as of 10:58 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged after seeing some price revisions following Thursday’s close.
Prices in Canadian dollars per metric ton at 10:58 CDT:
