By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was posting small gains at midday Friday, seeing a modest correction after dropping sharply lower earlier in the week.
Gains in Chicago soybeans provided some spillover support, although soyoil remained pointed lower.
Concerns over declining yield prospects in Alberta, given recent heat and dryness, were also supportive. However, North American growing conditions remain relatively favourable overall.
While most technical indicators remain pointed lower, the move back above C$610 per tonne in the November contract was supportive from a chart standpoint.
The canola market will be closed Monday for Manitoba’s Terry Fox Day holiday, with many other Canadian government and financial institutions also closed for civic holidays. Markets in the United States will trade their usual hours on Monday, with positioning ahead of the long weekend was a feature of the canola trade.
An estimated 32,200 canola contracts traded as of 11:11 CDT.
Prices in Canadian dollars per metric tonne at 11:11 CDT:
Canola Nov 613.60 up 4.80
Jan 622.00 up 5.20
Mar 629.70 up 5.50
May 635.80 up 5.50
