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ICE Canada Review: Canola firms despite bearish stocks data

Winnipeg, MB, February 8, 2018 (CNS Canada), Feb 08, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

The ICE Futures Canada canola complex finished higher on Thursday, taking strength from gains in U.S. soybeans.

Both oilseeds fell after the release of this morning's USDA supply and demand report. The USDA pegged soybean ending stocks in the U.S. at 530 million bushels, which was 60 million bushels more than the last forecast. However, in the minutes that followed speculators and bargain hunters stepped in and quickly turned the market around.

As well, the rain in Argentina doesn't look like it will be nearly enough to quench the severe dryness affecting soybean fields.

The Canadian dollar was slightly lower relative to its U.S. counterpart, which made canola more attractive to foreign buyers.

Crush margins have been rising in recent days and slow farmer selling lent support to values.

However, sharp losses in U.S. soyoil capped the upside.

Commercial buying remains lukewarm.

Around 27,802 canola contracts were traded on Thursday, which compares with Wednesday when around 27,004 contracts changed hands. Spreading accounted for 21,720 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change
Canola            Mar     499.30    up  1.10
                  May     505.50    up  1.10
                  Jul     510.20    up  0.90
     Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Months        Prices                      Volume
Canola
Mar/May       6.00 under to  6.80 under    6,797
Mar/Jul      10.90 under to 11.50 under      819
Mar/Nov       8.20 under to  9.50 under       71
May/Jul       4.60 under to  5.10 under      833
May/Nov       2.00 under to  2.80 under    1,252
Jul/Nov       3.30 over  to  2.00 over       930
Nov/Jan       4.20 under to  4.80 under      158

Dave Sims, Commodity News Service Canada

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