By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 2 (MarketsFarm) – The ICE Futures canola market was closed Monday to mark the National Day for Truth and Reconciliation which recognizes the country’s legacy of residential schools.
Canola futures were down sharply on Friday, breaking through major support levels. The move below C$710 per tonne in the November contract was bearish from a chart standpoint, with the next support seen at C$700 per tonne.
While follow-through selling is possible when activity resumes, gains in Chicago soyoil should provide some underlying support. European rapeseed was also stronger on Monday when the canola market was closed.
Seasonal harvest pressure is starting to subside, with farmers in the final stages of bringing in this year’s crop across most of the Prairies.
No canola contracts traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Canola Nov 707.00 untraded
Jan 716.00 untraded
Mar 723.30 untraded
May 726.70 untraded
