ICE Canadian Canola Board Margin Index Close – Nov. 23

WINNIPEG–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
Nov 23/22 Nov 22/22 Nov 16/22 Oct 21/22 Nov 23/21
CONTRACTS Cdn$ US$ Cdn$ US$ Cdn$ US$ Cdn$ US$ Cdn$ US$
Jan23  294.19  219.68  277.96  207.49  230.68  173.30  232.63  169.64 -127.01  -99.95
Mar23  276.91  206.77  261.76  195.40  214.29  160.99  193.29  140.95 -105.68  -83.17
May23  252.69  188.69  238.98  178.39  191.68  144.00  166.18  121.18  -78.16  -61.51
Jul23  230.57  172.17  218.60  163.18  173.37  130.24  145.24  105.92  -42.07  -33.11
November/Oct-2023  202.31  151.07  192.52  143.71  150.96  113.41  126.96   92.59   32.11   25.27
November/Dec-2023  196.08  146.41  186.52  139.23  144.89  108.85  120.89   88.15   29.44   23.17
Jan24  193.14  144.22  184.12  137.44  142.48  107.04  118.74   86.59   27.10   21.32

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.