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ICE Canada Review: Canola rises with USDA report

Winnipeg, MB, October 12, 2017 (CNS Canada), Oct 12, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

The ICE Futures Canada canola market was stronger on Thursday, taking strength from a USDA report that was deemed bullish for U.S. soybeans. The report lowered the official estimate for soybean yields to 49.5 bushels an acre. That's down from the previous forecast of 49.9 bushels.

Gains in the vegetable oil market were supportive for canola.

Wet conditions in the U.S. Plains are slowing down the soybean harvest, which was supportive.

However, the USDA report also raised its estimate for soybean plantings in the U.S., which was bearish.

Weather conditions in the western portion of the Prairies are improving and there are hope farmers will be able to get more combining done this weekend.

Around 44,085 canola contracts were traded on Thursday, which compares with Wednesday when around 26,559 contracts changed hands. Spreading accounted for 29,868 of the contracts traded.

Milling wheat, barley and durum were all untraded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change
Canola            Nov     495.70    up 2.20
                  Jan     502.50    up 3.00
                  Mar     507.40    up 3.00
Milling Wheat     Dec     234.00    unch
                  Mar     239.00    unch
Durum             Dec     281.00    unch
                  Mar     286.00    unch
Barley            Dec     148.00    unch
                  Mar     151.00    unch
     Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Months        Prices                      Volume
Nov/Jan       5.60 under to  7.00 under   10,195
Nov/Mar      10.30 under to 12.00 under    1,123
Nov/May      13.20 under to 13.90 under      540
Nov/Jul      14.10 under to 14.60 under       42
Jan/Mar       4.50 under to  5.50 under    2,071
Mar/May       1.60 under to  2.80 under      858
May/Jul       0.60 under to  1.30 under       92
May/Jul      27.60 over  to 25.00 over         8

Dave Sims, Commodity News Service Canada

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