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ICE Canada Review: Canola ekes out gains with help from soyoil

Winnipeg, MB, Mar 20, 2016 (CNS Canada), Mar 20, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

THE ICE Futures Canada canola market recorded minor gains to start the week, following advances in Chicago Board of Trade soyoil.

The Canadian dollar was about a tenth of a cent weaker relative to its US counterpart, which helped support canola.

Farmer selling was slow and funds are thought to be short in the market.

"We could be stuck in this range-bound choppy action ahead of the (March 31 USDA planting intentions) report," a trader in Winnipeg said.

However, weakness in Malaysian palm oil limited the advances.

Large supplies from South America continue to stream onto the market which undermined values.

Around 16,813 canola contracts were traded on Monday, which compares with Friday when around 21,528 contracts changed hands. Spreading accounted for about 10,878 of the contracts traded.

Milling wheat, barley and durum were all untraded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change
Canola            May     505.40    up 1.70
                  Jul     510.90    up 2.10
                  Nov     492.70    up 2.90
Milling Wheat     May     235.00    unch
                  Jul     236.00    unch
Durum             May     282.00    unch
                  Jul     281.00    unch
Barley            May     137.10    unch
                  Jul     138.00    unch

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

Months        Prices                      Volume
Canola
May/Jul       4.60  under to  5.60 under    2,966
May/Nov      14.80  over  to 12.70 over       159
Jul/Nov      19.60  over  to 18.00 over     2,066
Jul/Jan      13.90  over                        4
Nov/Jan       5.10  under to  5.50 under      122
Nov/Mar       9.50  under to 10.50 under       84
Jan/Mar       4.30  under to  5.20 under       38

Dave Sims, Commodity News Service Canada

Copyright 2017 Commodity News Service Canada, Inc.

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