Winnipeg, MB, July 3, 2014 (CNS Canada), Jul 03, 2014 (Commodity News Service Canada, Inc. via COMTEX) --

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
          July 03/14    July 02/14    June 26/14    June 3/14     July 3/13
          Cdn$   US$    Cdn$   US$    Cdn$   US$    Cdn$   US     Cdn$  US$
Jul14     122.38 115.09 111.60 104.62 136.12 127.13 185.73 170.16 83.67 79.51
Nov/Oct14  98.27  92.41 106.85 100.17 125.40 117.12 129.43 118.58 83.29 79.15
Nov/Dec14  97.67  91.85 106.31  99.67 126.00 117.68 129.23 118.40 79.60 75.64
Jan15      94.81  89.15 103.55  97.08 123.11 114.98 124.30 113.88 75.23 71.49
Mar15      96.99  91.21 105.49  98.89 125.49 117.21 124.29 113.87 75.33 71.58
May15     100.60  94.60 108.44 101.66 127.78 119.35 123.97 113.57 76.73 72.92
Jul15     103.11  96.96 110.78 103.85 129.69 121.12 124.38 113.95 79.58 75.62 >TE

     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.