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ICE Canada Review: Canola dips in follow-through selling

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

Canola contracts on the ICE Futures Canada platform recorded losses on Thursday, as traders engaged in follow-through selling on the heels of a bearish report from Statistics Canada.

The canola market was also undermined by losses in U.S. soybeans.

Technical selling was a feature of the day's activity.

Weakness in Malaysian palm oil futures added to the downside.

However, gains in U.S. soyoil limited the losses.

"Demand is good," said a trader in Winnipeg. "I think it's one of the main things underpinning this bigger canola crop."

Around 17,212 canola contracts were traded on Thursday, which compares with Wednesday when around 21,814 contracts changed hands. Spreading accounted for 11,020 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change
Canola            Jan     505.90    dn 2.10
                  Mar     514.30    dn 2.40
                  May     521.20    dn 2.10
     Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Months        Prices                      Volume
Canola
Jan/Mar       8.10 under to  8.80 under    3,232
Jan/May      14.70 under to 15.80 under      208
Jan/Jul      18.20 under to 19.40 under      211
Jan/Nov       0.30 under                      12
Mar/May       6.30 under to  7.10 under      851
Mar/Jul       9.70 under to 10.60 under       14
May/Jul       2.80 under to  3.90 under      656
May/Nov      15.50 over                      110
Jul/Nov      18.60 over  to 16.00 over       183
Nov/Jan       3.20 under                      33

Dave Sims, Commodity News Service Canada

Copyright 2017 Commodity News Service Canada, Inc.

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