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ICE Canada Review: Canola Corrects Higher Ahead of Long Weekend

Winnipeg, MB, May 19, 2017 (CNS Canada), May 19, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

ICE Futures Canada canola contracts were stronger on Friday, taking some direction from the advances in Chicago Board of Trade soybeans and soyoil.

Tightening Canadian supplies and solid end user demand added to
the firmer tone, according to participants.
The Canadian Grain Commission reported visible canola supplies
in commercial hands at only 854,500 tonnes, as of May 14. That
was down sharply from the previous week and the first time
stocks dipped below the million tonne mark since September 2016.
However, strength in the Canadian dollar, which was up by
roughly half a cent relative to its US counterpart, put some
pressure on values.
Improving Canadian weather conditions and ideas farmers should
be able to make some good seeding progress in many areas over
the next few days, also helped temper the gains in canola.
Canadian markets will be closed Monday, May 22, for Victoria Day
and positioning ahead of the long weekend accounted for some of
the activity.
About 17,775 canola contracts traded on Friday, which compares
with Thursday when 16,955 contracts changed hands. Spreading
accounted for 5,342 of the contracts traded.
Milling wheat, durum, and barley were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
                          Price      Change
Canola            Jul     523.20    up 1.90
                  Nov     499.90    up 1.40
                  Jan     505.40    up 2.10
Milling Wheat     Jul     237.00    unch
                  Oct     236.00    unch
Durum             Jul     274.00    unch
                  Oct     267.00    unch
Barley            Jul     138.00    unch
                  Oct     140.00    unch
Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Months        Prices                      Volume
Canola
Jul/Nov      23.90  over to 20.00  over    1,506
Nov/Jan       4.70 under to  5.70 under    1,058
Nov/Mar       9.80 under to 10.20 under       48
Jan/Mar       4.30 under to  4.90 under       59

Phil Franz-Warkentin, Commodity News Service Canada

Copyright 2017 Commodity News Service Canada, Inc.

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