By Dave Sims, Commodity News Service Canada
WINNIPEG, July 3 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at midday Friday, tracking weakness in the Chicago Board of Trade soy complex. The canola market was still catching up to losses in CBOT soy suffered yesterday, when Canadian markets were closed for a national holiday.
“Canola remains extremely expensive,” said a trader in Winnipeg, adding the bias was clearly pointed downward.
Strength in the Canadian dollar and the rapidly advancing canola crop weighed on the futures.
However, traders were taking positions ahead of the Independence Day Holiday in the United States.
Recent rains have helped alleviate some of the dryness problems in Western Canada.
About 7,500 canola contracts had traded as of 10:40 CDT.
Prices in Canadian dollars per metric ton at 10:40 CDT:
