ICE Review: Canola Drops Ahead of Long Weekend

WINNIPEG, Manitoba --The ICE Futures canola market was sharply lower on Friday, dropping below major chart support levels.

The canola market will be closed Monday, Aug. 2, for Terry Fox Day, while futures in the U.S. will trade their normal hours.

Declines in Chicago Board of Trade soybeans and soyoil contributed to the softer tone in canola on Friday.

However, persistent drought concerns across the Prairies remained supportive, with the nearby forecasts calling for continued heat and dryness.

About 20,571 canola contracts traded on Friday, which compares with Thursday when 13,960 contracts changed hands.

Spreading accounted for 8,878 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

              Price                Change

    Canola    Nov 842.20          dn 36.20
              Jan 835.90          dn 29.30
              Mar 828.10          dn 22.70
              May 812.50          dn 18.90

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

   Months                Prices                         Volume

Canola

   Nov/Jan             14.50 over to 6.00 over          1,994
   Nov/Mar             28.00 over to 14.50 over           359
   Nov/May             40.10 over to 40.00 over             2
   Nov/Jul             68.20 over to 65.70 over             3
   Nov/Nov            193.40 over to 187.00 over            2
   Jan/Mar             14.60 over to 6.50 over          1,375
   Jan/May             32.90 over to 23.50 over             2
   Jan/Nov            201.60 over                           4
   Mar/May             19.40 over to 13.80 over           554
   Mar/Jul             42.20 over to 39.20 over             3
   May/Jul             25.70 over to 20.80 over           132
   Jul/Nov            140.00 over to 128.60 over            9

Source: Commodity News Service Canada (news@marketsfarm.com)


  (END) Dow Jones Newswires
  07-30-21 1548ET
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