Canola closed stronger on Wednesday, as a rally in Chicago Board of Trade soybeans spilled over to provide support. Ongoing harvest delays in parts of Western Canada, and the uncertainty over how much of the crop may be left to overwinter, added to the gains in canola, according to participants. Supportive chart signals contributed to the gains, although some profit-taking came forward at the highs. In addition, losses in CBOT soyoil, large US production, and relatively favorable South American crop conditions all served to limit the advances to some extent. About 38,447 canola contracts were traded on Wednesday, which compares with Tuesday when 42,704 contracts changed hands. Spreading was a feature, accounting for 28,002 of the contracts traded. (DJ)
The global ****seed oil market will be in deficit in 2016-17, research firm Mintec forecasts. It sees production falling 3% year-over-year to 26.8 million metric tons in 2016-17, outpacing a 1% drop in consumption to 27.2 million tons. Year-end stocks will fall by 18% to 4.2 million tons. The global deficit reflects a 5% expected drop in EU production to 9.7 million tons after heavy rains hit yields in Germany and France. Forecasts of a tighter market have pushed ****seed oil prices up 11% so far in October. (DJ)
The global ****seed oil market will be in deficit in 2016-17, research firm Mintec forecasts. It sees production falling 3% year-over-year to 26.8 million metric tons in 2016-17, outpacing a 1% drop in consumption to 27.2 million tons. Year-end stocks will fall by 18% to 4.2 million tons. The global deficit reflects a 5% expected drop in EU production to 9.7 million tons after heavy rains hit yields in Germany and France. Forecasts of a tighter market have pushed ****seed oil prices up 11% so far in October. (DJ)
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