The canola line on The Daily Board is the ICE futures close, in Canadian dollars per tonne, for the month named on the line. It is not your elevator bid. A Prairie cash bid is that futures month plus or minus basis. The Board prints the close. It does not print the bid.
The definition
ICE canola (RS) trades in Canadian dollars per tonne. Nov canola means the November contract. A C$14 move is fourteen Canadian dollars per tonne, not fourteen cents and not fourteen U.S. dollars.
The cash bid at a Prairie elevator is a different number. Basis is the gap between the futures month the buyer is using and the cash price they will pay, after grade, delivery window, and freight to that point. A stronger futures close can still leave a weaker bid if basis widens by more than the futures gain.
What the close transmits
Use the close as the futures leg only. If yesterday's issue showed Nov canola at C$811.70, that is the futures reference for that session, not an offer for canola in the bin. Your bid still depends on which month the buyer is pricing, the basis that morning, and whether the print carried a dagger.
A dagger means the figure was preliminary. Do not set a basis conversation off a daggered print. Wait for the undaggered settle.
What usually sits behind the move
The Read names the driver when one is clear: soybean oil, palm, crush demand, the loonie, Prairie weather, or a China or EU trade headline. Those move the futures board. They do not automatically move every cash bid by the same amount. Crushers and exporters do not all use the same basis sheet.
The Daily Board will say what the close did to the futures reference. The Klarenbach Grain Report is where the technical plan sits. Do not read a so-what line as an instruction to deliver.
Closes
Canola archive: canola tag. Related: how to read a print, why crude and natural gas sit on this board.