By Dave Sims, Commodity News Service Canada
WINNIPEG, August 8 – Canola contracts on the ICE Futures Canada
platform were mostly higher Friday morning on choppy trading, as
traders attempted to position themselves before the weekend.
A lack of significant farmer selling was bullish for values,
according to an analyst.
The Canadian dollar was down a third of a cent against its US
counterpart, which was supportive.
European rapeseed futures were higher which was bullish while
Malaysian palm oil and Chicago soyoil were lower which pressured values.
Russia’s decision to impose sanctions on certain agricultural
imports from Canada and other countries has caused some uncertainty within the market although it hasn’t yet impacted canola directly.
Trading is expected to be on the lighter side between now and the release of the USDA’s monthly crop report which is scheduled to come out on Tuesday.
About 1,200 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:
