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ICE Canada Review: Canola corrects higher

Winnipeg, MB, May 17, 2018 (CNS Canada), May 17, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

ICE Futures Canada canola contracts were stronger on Thursday, seeing a modest recovery after Wednesday's declines.

Gains in Chicago Board of Trade soyoil provided some spillover support
for canola, although soybeans were lower. There were some ideas
circulating the market that looming Chinese tariffs on U.S. soybeans
were shifting some oilseed demand to Canada, according to a trader.
Dry conditions across much of Western Canada contributed to the firmer
tone, despite scattered showers in many areas as more precipitation
will be needed, according to participants.
About 13,356 canola contracts traded, which compares with Wednesday
when 14,316 contracts changed hands. Spreading accounted for 6,670
of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
                          Price      Change
Canola            Jul     532.60    up  3.40
                  Nov     516.90    up  1.40
                  Jan     521.60    up  1.40
                  Mar     524.10    up  1.20
Spread trade prices are in Canadian dollars and the volume represents
the number of spreads:
Months        Prices                      Volume
Jul/Nov      15.80  over to 13.10  over    2,948
Nov/Jan       4.20 under to  4.80 under      374
Jan/Mar       2.30 under to  2.90 under       13

Phil Franz-Warkentin, Commodity News Service Canada

Copyright 2018 Commodity News Service Canada, Inc.

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