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ICE Canada Review: Canola rises with CDN currency issues

Winnipeg, MB, November 7, 2017 (CNS Canada), Nov 07, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

The ICE Futures Canada canola market posted modest gains on Tuesday, taking support from action in the Canadian currency.

"We are still in an up-trending channel," said a trader in Winnipeg. "With the dollar going back down the canola market has popped back up."

Advances in U.S. soybeans and soyoil underpinned canola.

The crush margins improved which was bullish for the market.

However, rains have been alleviating dryness problems in Brazilian soybean fields, which was bearish.

The most-active January contract has run into technical resistance.

Around 22,211 canola contracts were traded on Tuesday, which compares with Monday when around 9,384 contracts changed hands. Spreading accounted for 14,954 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change
Canola            Jan     520.10    up 1.20
                  Mar     527.10    up 1.80
                  May     531.60    up 2.20
     Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Months        Prices                      Volume
Canola
Jan/Mar       6.20 under to  7.20 under    4,643
Jan/May      10.00 under to 10.90 under       13
Mar/May       3.60 under to  4.70 under    1,767
May/Jul       2.20 under to  3.50 under      926
Jul/Nov      34.40 over  to 26.80 over       128

Dave Sims, Commodity News Service Canada

Copyright 2017 Commodity News Service Canada, Inc.

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