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ICE Canada Review: Canola firms as soybeans rally

Winnipeg, MB, January 12, 2018 (CNS Canada), Jan 12, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

The ICE Futures Canada canola complex finished the week on a higher note, propped up by a surprising USDA supply and demand report.

The agency pegged the 2017/18 U.S. soybean crop at 4.39 billion bushels. That was down 33 million bushels from the previous report. The news gave a slight boost to oilseeds on both sides of the border. However, the USDA also said that stockpiles of U.S. soybeans had risen by 56 per cent over the last report. That was enough to limit the upside.

Some investors took positions ahead of the weekend as U.S. markets are closed on Monday for Martin Luther King Jr. Day.

Strength in the Canadian dollar was bearish for canola as it made the commodity less attractive to international buyers.

Soil moisture conditions in Argentina and Brazil improved this week with scattered rains, which was bearish for futures.

A lack of snow cover in parts of Saskatchewan and Alberta has some farmers concerned as many areas are in near-drought scenarios.

Around 13,107 canola contracts were traded on Friday, which compares with Thursday when around 10,301 contracts changed hands. Spreading accounted for 8,240 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change
Canola            Mar     493.00    up  2.20
                  May     500.60    up  2.10
                  Jul     505.80    up  1.80
     Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Months        Prices                      Volume
Canola
Mar/May       7.40 under to  7.80 under    1,817
Mar/Jul      12.90 under to 13.40 under      206
Mar/Nov       7.30 under to  9.60 under       81
May/Jul       5.10 under to  5.70 under      707
Jul/Nov       5.80 over  to  3.10 over     1,214
Nov/Jan       4.10 under to  5.50 under       95

Dave Sims, Commodity News Service Canada

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