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ICE Canada canola plunges to 2-month low after USDA report

Published 2015-08-12, 02:37 p/m
ICE Canada canola plunges to 2-month low after USDA report

(All figures in Canadian dollars unless noted)
WINNIPEG, Manitoba, Aug 12 (Reuters) - ICE Canada canola
plunged on Wednesday to a two-month low after the U.S.
government surprisingly raised estimates of domestic corn and
soybean crops in a monthly report, causing broad selling in
grain and oilseed markets.
* U.S. Department of Agriculture projected the U.S. soybean
yield at 46.9 bushels per acre, up from 46.0 previously.

* Stronger Canadian dollar added pressure to canola, a
trader said.
* November canola RSX5 slumped $26 or 5.1 percent to
$481.60 per tonne.
* January canola RSF6 shed $25.20 to $481.30 per tonne.
* November-January spread traded 3,550 times.
* Chicago November soybeans SX5 dropped sharply on the
USDA report. ID:nC3N0Y402M
* Malaysian October palm oil 1FCPOV5 and NYSE Liffe Paris
November rapeseed COMX5 both fell more than 2 percent.
* The Canadian dollar CAD= was trading at $1.2990, or
76.98 U.S. cents at 12:53 p.m. CDT (1753 GMT), higher than the
Bank of Canada's official close on Tuesday of $1.3104, or 76.31
U.S. cents.

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