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ICE Canada Review: Oversold canola rises with soybeans

Winnipeg, Jan. 3 (CNS Canada), Jan 03, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

ICE Futures Canada canola contracts were stronger in thin trade on Wednesday, as gains in the Chicago soy complex and a slightly weaker tone in the Canadian dollar provided support.

Oversold price sentiment contributed to the gains, as canola continued
to correct off of the nearby lows hit last week.
Solid end user demand was also said to be supportive. However, rising
carryout forecasts and expectations for a possible increase in acres
this spring tempered the gains.
About 13,539 canola contracts traded on Wednesday, which compares with
Tuesday when 11,553 contracts changed hands. Spreading accounted for
6,644 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
                          Price      Change
Canola            Mar     494.60    up  3.80
                  May     501.90    up  4.10
                  Jul     507.20    up  3.70
Spread trade prices are in Canadian dollars and the volume represents
the number of spreads:
Months        Prices                      Volume
Canola
Mar/May       7.00 under to  7.50 under    1,970
Mar/Jul      12.40 under to 13.00 under      440
Mar/Nov       4.90 under to  7.00 under      200
May/Jul       5.00 under to  5.80 under      528
May/Nov       1.60  over to  1.50  over        2
Jul/Nov       7.60  over to  4.90  over      182

Phil Franz-Warkentin, Commodity News Service Canada

Copyright 2018 Commodity News Service Canada, Inc.

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