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ICE Canada Review: Canola pressured by USDA report

Winnipeg, MB, November 9, 2017 (CNS Canada), Nov 09, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

The ICE Futures Canada canola market suffered losses on Thursday, weighed down by a USDA report that was deemed bearish for oilseeds.

In its monthly supply and demand report, the USDA left its estimate for the US soybean yield untouched, which surprised many analysts who had expected it to fall. As a result, a technical selloff occurred which eventually impacted canola.

Meantime the Canadian dollar was about a third of a cent stronger relative to its US counterpart, which weighed on the market.

Rain has fallen in northern Brazil, helping improve growing conditions for the country's soybean crop.

However, global demand for oilseeds remains strong and canola seemed to find a bit of technical support around the C$515 mark.

Around 18,500 canola contracts were traded on Thursday, which compares with Wednesday when around 18,242 contracts changed hands. Spreading accounted for 8,332 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change
Canola            Jan     515.50    dn 5.30
                  Mar     522.40    dn 5.50
                  May     526.50    dn 6.00
     Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Months        Prices                      Volume
Canola
Jan/Mar       6.60 under to  7.40 under    3,027
Jan/May      10.50 under to 11.60 under       73
Jan/Jul      13.00 under to 14.50 under       75
Mar/May       3.70 under to  4.60 under      568
Mar/Jul       6.60 under to  7.70 under       24
May/Jul       2.20 under to  3.10 under      366
Jul/Nov      32.00 over  to 27.00 over        33

Dave Sims, Commodity News Service Canada

Copyright 2017 Commodity News Service Canada, Inc.

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