By Dave Sims, Commodity News Service Canada
Winnipeg, July 4 (CNS Canada) – ICE Futures Canada canola contracts finished stronger on Tuesday, retracing some of the gains made by the US soy complex the previous day.
US markets were closed on the Fourth of July. Canadian markets were open after taking Monday off in observance of the Canada Day holiday.
Large gains in US wheat futures yesterday added to the upside.
Tightness in commercial canola stocks underpinned the market.
However, the Canadian dollar was higher relative to its US counterpart, which made canola less enticing to out-of-country buyers.
Malaysian palm oil futures were slightly lower, which weighed on prices.
About 15,524 canola contracts traded on Tuesday, which compares with Friday when 24,939 contracts changed hands. Spreading accounted for 2,044 of the contracts traded.
Milling wheat, durum, and barley were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
