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ICE Canada canola falls on spillover weakness from Chicago soy

Published 2015-07-23, 04:11 p/m
ICE Canada canola falls on spillover weakness from Chicago soy

(All figures in Canadian dollars unless noted)
July 23 (Reuters) - ICE Canada canola futures closed lower
on Thursday in thin volume on spillover weakness from Chicago
soybean and soyoil markets, which sparked speculators to
liquidate long canola positions, traders said.
* November canola RSX5 closed $4.40 per tonne lower at
$516.40, slipping to $516 during the session, but holding above
the week's low of $515.50. Key support is seen at $510 to $500,
traders said.
* November volume was 8,284 contracts. The November/January
spread was featured, traders said, with Jan gaining 50 cents on
Nov.
* Chicago November soybeans SX5 ended 15 cents lower at
$9.80-1/2.
* Canola futures volume remains light amid quiet farmer
hedge sales ahead of harvest, traders said. Producers are not
willing to forward sell much of their 2015 crop, unsure about
its size given this summer's heat which hurt yield potential.
* Export interest is also scaled down, traders said, keeping
futures volume on the lighter side.
* Traders were awaiting the results on Friday of this week's
crop tour organized by CWB Market Research Services, formerly
the Canadian Wheat Board.
* Justin Daniels, a CWB analyst and leader of one leg of the
tour, told Reuters Ags Forum that canola yields were hurt by the
summer heat, but cooler weather and occasional showers have
stabilized yield potentials.
* Malaysian November palm oil 1FCPOX5 and NYSE Liffe Paris
November rapeseed COMX5 also ended lower.
* The Canadian dollar CAD= was trading at $1.3033, or
76.72 U.S. cents, at 2:50 p.m. CDT (1950 GMT), nearly steady
with the Bank of Canada's official close of $1.3037, or 76.70
U.S. cents, on Wednesday.

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