By Dave Sims, Commodity News Service Canada
WINNIPEG, July 4 – Canola contracts on the ICE Futures Canada platform were mixed Friday morning in choppy trading on the Independence Day holiday in the US.
The November contract was up $1.50 at $457.40 with the more deferred contracts staying below unchanged.
Sideways trading is likely to be the norm today with the US markets closed. The bias in soybeans was pointing lower this past week given favourable Midwestern crop conditions.
The flooding situation in the eastern Prairies has temporarily disrupted regular grain hauling in that area. One farming representative in Saskatchewan says companies are going to have to pull grain from other parts of the province for now. Warmer weather is beginning to set in but acreage losses will provide some support to the marketplace.
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European rapeseed and palm oil are both lower this morning.
The Canadian dollar is hovering just above the psychologically important 94 cents US level.
About 300 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:
