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ICE Canada Review: Canola falters behind U.S. Soy

Winnipeg, MB, November 14, 2017 (CNS Canada), Nov 14, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

The ICE Futures Canada canola market finished lower on Tuesday, following losses in the U.S. soy complex. The canola market was pressured as soon as trading opened due to the steep drop in U.S. soyoil on Monday. Canadian markets were closed then due to Remembrance Day.

Rain in Northern Brazil has improved growing conditions for soybeans, which was bearish.

Canola is looking vulnerable to a technical sell-off, according to a trader in Winnipeg. The next rung down for chart support is around the C$505 per tonne mark.

Crush margins have been backing up over the past few days too.

However, recent weakness in the Canadian dollar has been supportive for canola.

Around 13,546 canola contracts were traded on Tuesday, which compares with Friday when around 12,897 contracts changed hands. Spreading accounted for 6,290 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change
Canola            Jan     512.60    dn 2.50
                  Mar     519.80    dn 2.00
                  May     524.20    dn 1.40
     Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Months        Prices                      Volume
Jan/Mar       6.50 under to  7.40 under    2,085
Jan/May      10.60 under to 12.10 under      140
Jan/Jul      13.30 under to 15.10 under       80
Jan/Nov      13.80 over                        2
Mar/May       3.80 under to  4.80 under      663
May/Jul       2.20 under to  3.00 under      144
Jul/Nov      28.90 over  to 25.90 over        31

Dave Sims, Commodity News Service Canada

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