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Canada Markets Blog
Cliff Jamieson Canadian Grains Analyst
Tue May 20, 2014 05:31 PM CDT

The sudden narrowing of the July/November canola spread, which saw the spread move from minus $15.20/mt (November over the July) on April 23 to spread of plus $7.50/mt (July over the Nov) on May 14 certainly had a lot of people talking. While cash basis was widening on the West Coast, cash basis on the Prairies narrowed while the spread narrowed to reflect a bullish inversion, driven by nearby demand in the commercial trade.

It's interesting that this took place despite the StatsCanada forecast which suggested that a record 9 million metric tonnes were in the system as of March ...

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