, Sep. 2, 2010 (Resource News International) -- The Canadian Canola Board Margin Index, as posted by
ICE Futures Canada, is a formula developed by the members of the Canadian
Oilseed Processors Association (COPA).
Today Day Ago Week Ago Month Ago Year Ago
Sep 02/10 Sep 02/10 Aug 26/10 Jul 30/10 Sep 02/09
CONTRACTS Cdn$ U.S.$ Cdn$ U.S.$ Cdn$ U.S.$ Cdn$ U.S.$ Cdn$ U.S.$
Nov/Oct10 +60.65 +57.65 +55.32 +52.70 +68.27 +64.74 +53.02 +51.52 +90.91 +82.16
Nov/Dec10 +64.85 +61.65 +59.46 +56.64 +72.19 +68.45 +56.38 +54.79 +90.53 +81.82
Jan11 +61.74 +58.69 +56.99 +54.30 +70.32 +66.67 +55.91 +54.33 +88.84 +80.29
Mar11 +60.67 +57.67 +56.26 +53.60 +70.21 +66.58 +58.91 +57.25 +87.98 +79.51
May11 +61.16 +58.14 +56.85 +54.16 +71.52 +67.82 +61.15 +59.43 +83.22 +75.21
Jul11 +61.80 +58.75 +57.59 +54.86 +72.91 +69.14 +66.73 +64.85 +80.44 +72.70
Nov/Dec11+104.72 +99.55 +99.73 +95.01+103.93 +98.55+102.85 +99.95 +88.29 +79.79
The Canola Board Crush Margin is comprised of an oil and meal contribution
and a seed cost. It is calculated by subtracting the ICE canola futures price
from the sum of the weighted value of the per tonne Chicago Board of Trade
futures price for soybean oil and soybean meal. The calculation is based on a
40% oil contribution and 60% meal contribution per tonne of canola seed crushed.
The margin calculation is currency adjusted using the Bank of Canada noon rate
and is published in both Canadian and US dollars.
The margin calculation is a measure of the trend in core processing returns
at approximate industry yields. Actual canola crushing margins are affected by
numerous factors including individual processing plant yields, actual oil
content of the seed, and the pricing basis for oil, meal and seed.
In the above calculation:
Canola Board Crush Margin (Can $/tonne) = (BO * 22.0462 * Noon Rate * 0.40)
+ (SM * 1.1023 * Noon Rate * 0.60 * 0.75)
- ICE Canola seed futures
BO = CBOT soybean oil futures settlement price in US dollars per
hundredweight (or cents per pound), 22.0462 converts soybean oil to US dollars
per metric tonne, and 0.40 reflects a 40% oil contribution.
SM = CBOT soybean meal futures settlement price in US dollars per short
ton, 1.1023 converts soybean meal to US dollars per metric tonne, 0.60 reflects
a 60% meal contribution, and 0.75 is a price adjustment factor to account for
canola meal containing approximately 75% of the protein in soybean meal.
