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ICE canola futures dip after USDA sees bigger soybean supplies

Published 2018-11-08, 02:31 p/m
© Reuters.  ICE canola futures dip after USDA sees bigger soybean supplies
ICE
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(All figures in Canadian dollars unless noted)

WINNIPEG, Manitoba, Nov 8 (Reuters) - ICE (NYSE:ICE) canola futures slipped on Thursday, weighed down by a U.S. Department of Agriculture forecast for rising U.S. soybean stocks.

* USDA boosted its estimate of 2018/19 soybean ending stocks to 955 million bushels, topping the average estimate of 898 million bushels. The forecast pressured Chicago January soybeans SF9 , and the trend-setting oilseed dragged canola down with it, before soy prices pared losses later.

* Most-active January canola RSF9 dipped $1.20 to $481.80.

* The Western Canadian canola harvest is nearly complete, and farmer deliveries have also weighed on prices. Modest exporter interest seen from China and Japan, a trader said.

* Average canola yield in Saskatchewan estimated at 38 bushels per acre, the government of the Canadian province said. GRO/SAS

* January-March canola spread traded 1,036 times, finishing at a $7.60 March premium.

* February Paris Matif rapeseed futures /COMG9 and Malaysian December palm oil futures /1FCPOX8 dipped.

* The Canadian dollar CAD= was trading at $1.3092 to the U.S. dollar, or 76.38 U.S. cents at 12:37 p.m. CST (1837 GMT).

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