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ICE Canola Down Ahead of Long Weekend

07/30/2021 | 10:16am EDT

The ICE Futures canola market was weaker Friday morning, continuing the downtrend of the past week as investors liquidated long positions.

A move below the 20-day moving average in the nearby November contract was bearish from a chart-standpoint, contributing to the declines.

Losses in the Chicago Board of Trade soy complex and early strength in the Canadian dollar also weighed on values.

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

Positioning ahead of the Terry Fox long weekend could lead to some choppiness during the session. The canola market will be closed Aug. 2, while markets in the U.S. will trade their usual hours.

About 5,000 canola contracts had traded as of 9:40 ET.

     Prices in Canadian dollars per metric ton at 9:40 ET: 
                          Price      Change 
Canola            Nov     855.00     dn 23.70 
                  Jan     845.20     dn 20.00 
                  Mar     832.90     dn 17.90 
                  May     812.50     dn 18.90 

(END) Dow Jones Newswires

07-30-21 1015ET

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