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Canadian canola futures jump – 12 May 2013

  • ICE Canadian old-crop canola futures jumped on Friday, due to a lack of farmer selling amid thinning supplies, while the new-crop November slipped. For the week, the most-active July contract gained 2.8 percent. Most-recent Canadian Grain Commission statistics, released on Friday, showed a large drop in farmer deliveries week over week and commercial canola stocks of 891,300 tonnes, down 11.5 percent from the previous week. 

    New-crop November pressured by the start of planting in Western Canada. Alberta planting off to slow start. July canola jumped $11.70 or 1.9 percent to $618.50 per tonne on volume of 9,998 contracts. November lost $1.20 to $535.60 per tonne on volume of 2,755 contracts. 

    July-November spread widened to a July premium of $82.90, trading 1,495 times. Chicago Board of Trade July soybeans eased 9-3/4 US cents at US $13.99 per bushel. MATIF Paris August rapeseed added 0.4 percent. Malaysian July palm oil gained 1.4 percent. Canadian dollar was trading at $1.0115 versus the US dollar or 98.86 US cents at 1:29 pm CDT (1829 GMT), down from Thursday’s close at C$1.0075, or 99.26 US cents. 

    Copyright Reuters, 2013

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