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Canola May 2012 (RSK12)

599.40s-13.70 (-2.23%) 7:51P EDT (WCE)
Commodity Price Quote as of Saturday, May 25th, 2013 View Help

Contract Specifications

Symbol RS
Name Rapeseed Canola (RS)
Exchange WCE
Trading Months January, March, May, July, November (F, H, K, N, X)
Trading Unit 1 contract 20 tonnes (5 contracts 1 board lot)
Tick Size $0.10 per tonne ($2.00 per contract)
Daily Limit $30.00 per tonne ($600 per contract)
Trading Hours 7:00p.m. - 1:15p.m. (Sun-Fri) CST
Last Trading Day The business day prior to the 15th calendar day of the contract month
Value of one futures unit $20
Value of one options unit $20

CRB Yearbook Description

Canola is a genetic variation of rapeseed that was developed by Canadian plant breeders specifically for its nutritional qualities and its low level of saturated fat. The term Canola is a contraction of "Canadian oil." The history of canola oil begins with the rapeseed plant, a member of the mustard family. The rape plant is grown both as feed for livestock and birdfeed. For 4,000 years, the oil from the rapeseed was used in China and India for cooking and as lamp oil. During World War II, rapeseed oil was used as a marine and industrial lubricant. After the war, the market for rapeseed oil plummeted. Rapeseed growers needed other uses for their crop, and that stimulated the research that led to the development of canola. In 1974, Canadian plant breeders from the University of Manitoba produced canola by genetically altering rapeseed. Each canola plant produces yellow flowers, which then produce pods. The tiny round seeds within each pod are crushed to produce canola oil. Each canola seed contains approximately 40% oil. Canola oil is the world's third largest source of vegetable oil accounting for 13% of world vegetable oils, following soybean oil at 32%, and palm oil at 28%. The rest of the seed is processed into canola meal, which is used as high protein livestock feed.

The climate in Canada is especially suitable for canola plant growth. Today, over 13 million acres of Canadian soil are dedicated to canola production. Canola oil is Canada's leading vegetable oil. Due to strong demand from the U.S. for canola oil, approximately 70% of Canada's canola oil is exported to the U.S. Canola oil is used as a salad oil, cooking oil, and for margarine as well as in the manufacture of inks, biodegradable greases, pharmaceuticals, fuel, soap, and cosmetics.

Canola futures and options are traded at the ICE Futures Canada (ICE) exchange. The futures contract calls for the delivery of 20 metric tons of canola and 5 contracts are together called a "1 board lot." The futures contract is priced in Canadian dollars per metric ton.

Prices - Canola prices on the ICE nearest-futures chart traded sideways in the first half of 2011 and then drifted lower later in the year to close 2011 down -10% at CD$525.80 per metric ton.

The average monthly wholesale price of canola oil in the Midwest in 2011 rose +29.3% yr/yr to 59.10 cents per pound. The average monthly wholesale price of canola meal (delivery Pacific Northwest) in the 2011-12 crop year (through November 2011) fell by -8.0% to $263.63 per short ton.

Supply - World canola production in the 2011-12 marketing year rose by +0.7% yr/yr to 60.832 million metric tons, just below 2009-10 record high of 60.964 million metric tons. The world's largest canola producers were the European Union with 31.4% of world production in 2011-12, Canada (23.3%), China (21.4%), and India (11.5%). U.S. production of canola and canola oil in 2011-12 fell -37.2% yr/yr to 699,000 metric tons. Regarding canola products, world production of canola oil in 2011-12 rose +0.1% to 23.326 million metric tons, which was a new record high. U.S. production of canola oil in 2011-12 rose +2.2% to 552,000 metric tons, which is a new record high. World production of canola meal in 2011-11 rose +0.4% to a record high of 34.975 million metric tons.

Demand - World crush demand for canola in 2011-12 rose +0.4% yr/yr to 59.111 million metric tons, which was a new record high. World consumption of canola oil in 2011-12 fell -0.4% yr/yr to 23.198 million metric tons, just below last year's record high of 23.301 million metric tons. World consumption of canola meal in 2011-12 rose by +0.4% to 34.975, a new record high.

Trade - World canola exports in 2011-12 rose +6.5% to 11.536 million metric tons, world canola oil exports rose +3.4% to a record high of 3.576 million metric tons, and world canola meal exports rose +3.7% yr/yr to a record high of 5.429 million metric tons. World canola imports in 2011-12 rose +12.7% to 11.300 million metric tons, world canola oil imports rose +3.9% to 3.413 million metric tons, and world canola meal imports rose +2.7% to a record high of 5.099 million metric tons. Regarding U.S. canola trade, U.S. canola imports in 2011-12 rose +78.8% to 699,000 metric tons and U.S. exports fell -37.5% to 180,000 metric tons.

Articles from the Commodity Research Bureau (CRB) Commodity Yearbook. The single most comprehensive source of commodity and futures market information available, the Yearbook is the book of record of the Commodity Research Bureau, which is, in turn, the organization of record for the commodity industry itself. Its sources - reports from governments, private industries, and trade and industrial associations - are authoritative, and its historical scope is second to none. Additional information can be found at www.crbyearbook.com.
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