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ICE Canada Review: Canola rises as traders lock in positions

Winnipeg, MB, December 5, 2017 (CNS Canada), Dec 05, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

Canola contracts on the ICE Futures Canada platform rose Tuesday, as traders engaged in speculative buying ahead of a major report.

Statistics Canada is due to release its final production estimates of the year on Wednesday. Many analysts predict the size of Canada's canola crop will be just over 20 million tonnes, which would be slightly higher than last year's 19.6 million tonne crop.

Dry conditions in Argentina and parts of Brazil are stressing soybean fields down there, which was supportive.

Gains in U.S. soybeans helped give the market a boost.

However, weakness in vegetable oil markets was bearish for canola.

Large world supplies of soybeans dragged on prices.

Around 29,979 canola contracts were traded on Tuesday, which compares with Monday when around 15,532 contracts changed hands. Spreading accounted for 18,528 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change
Canola            Jan     509.70    up 2.30
                  Mar     518.50    up 2.10
                  May     524.90    up 2.60
     Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Months        Prices                      Volume
Canola
Jan/Mar       8.90 under to  9.10 under    6,121
Jan/May      14.60 under to 15.30 under      936
Jan/Jul      18.10 under to 18.80 under       40
Jan/Nov       3.30 over                        5
Mar/May       5.70 under to  6.50 under    1,682
May/Jul       3.00 under to  3.50 under      373
Jul/Nov      22.40 over  to 20.60 over        92
Nov/Jan       3.00 under                      15

Dave Sims, Commodity News Service Canada

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