By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 4 (MarketsFarm) – ICE Futures canola contracts were holding near unchanged Thursday morning, lacking any clear direction as many traders kept to the sidelines with United States markets closed for the Independence Day holiday.
The November contract was trading right above nearby chart support around C$450 per tonne. While the low volumes could lead to some volatility during the day, canola traders were reluctant to push values too far one way or the other in early activity.
Improving weather conditions in parts of Western Canada put some pressure on values. However, there are also still plenty of areas of concern across the Prairies to keep some weather premiums in the market.
The Canadian dollar was steady Thursday morning.
About 840 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric ton at 8:41 CDT:
Price Change
Canola Nov 450.40 unchanged
Jan 457.20 unchanged
Mar 463.50 unchanged
May 468.80 unchanged
