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