ICE Close: Canola Drops Ahead of Long Weekend

Canola futures sharply lower on Friday, dropping below major chart support levels as long liquidation built on itself ahead of the weekend.

The canola market will be closed Monday, Aug. 2, for Terry Fox Day, while futures in the US 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.

November canola fell $36.20 to $842.20, January lost $29.30 and March was down $22.70 at $828.10.

Source: DePutter Publishing Ltd.

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