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ICE Canada Review: Canola dips ahead of USDA report

Winnipeg, MB, February 7, 2018 (CNS Canada), Feb 07, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

The ICE Futures Canada canola complex finished lower in choppy trading on Wednesday. Traders were positioning themselves ahead of tomorrow's USDA supply and demand report as weakness in other vegetable oil markets pointed the way lower.

Rising estimates for the size of Brazil's soybean crop were bearish.

The front-month contract slid below the psychologically-important C$500 per tonne mark.

However, weakness in the Canadian currency was supportive for canola as it made the commodity more attractive to international buyers.

Commercial buying is on the slow side.

Around 27,004 canola contracts were traded on Wednesday, which compares with Tuesday when around 37,224 contracts changed hands. Spreading accounted for 19,380 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change
Canola            Mar     498.20    dn  1.60
                  May     504.40    dn  1.10
                  Jul     509.30    dn  1.30
     Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Months        Prices                      Volume
Canola
Mar/May       5.60 under to  6.40 under    4,348
Mar/Jul      10.40 under to 11.40 under    1,848
Mar/Nov       7.00 under to  8.80 under      767
May/Jul       4.50 under to  5.63 under    1,574
May/Nov       1.30 under to  2.40 under      214
Jul/Nov       3.80 over  to  2.60 over       805
Nov/Jan       4.00 under to  4.20 under      134

Dave Sims, Commodity News Service Canada

Copyright 2018 Commodity News Service Canada, Inc.

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