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ICE Canada canola falls on hedge sales, huge crop estimate

Published 2015-12-04, 02:39 p/m
ICE Canada canola falls on hedge sales, huge crop estimate

(All figures in Canadian dollars unless noted)
WINNIPEG, Manitoba, Dec 4 (Reuters) - ICE Canada canola fell
on Friday as commercial dealers hedged purchases from farmers
and after the Canadian government boosted its harvest estimate
more than expected.
* For the week, the January contract climbed 2.4 percent,
the biggest nearby weekly gain since September.
* Statistics Canada's final production report boosted its
canola harvest estimate to 17.2 million tonnes from 14.3 million
previously and compared with trade expectations for 15.6
million.
* Canola traded higher for much of the session, lifted by
surging Chicago soyoil prices. Soyoil and canola oil compete in
the global vegetable oil market.
* January canola RSF6 lost $1.10 at $474.20 per tonne,
snapping a four-day winning streak.
* Most-active March canola RSH6 finished unchanged at $483
per tonne.
* January-March spread traded 9,675 times. Activity was also
brisk in July-November spreading, which traded 3,707 times and
pushed up the new-crop November contract, due to the big
Statscan estimate for the current crop year.
* Chicago January soybeans SF6 rose on short-covering and
soyoil strength.
* Malaysian February palm oil 1FCPOG6 edged higher and
NYSE Liffe Paris February rapeseed COMG6 sagged.
* The Canadian dollar CAD= was trading at $1.3370, or
74.79 U.S. cents at 1:07 p.m. CST (1907 GMT), lower than
Thursday's close at $1.3338 to the greenback, or 74.97 U.S.
cents.
* Canada weekly canola crushings rise 5.4 percent. OILS/CA

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