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ICE Canada Review: Canola firms with tight stocks, dry conditions

Winnipeg, MB, August 11, 2017 (CNS Canada), Aug 11, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

THE ICE Futures Canada canola market ended relatively unchanged on Friday, as traders squared positions ahead of the weekend.

The market is showing a lot of independent strength though, as tightness in canola stocks has forced the industry to begin rationing supplies so the country doesn't run out of canola before the new crop is ready.

Advances in US soybeans were supportive for canola.

Many sections of Western Canada require more rain. It could benefit more of the crop than usual due to the late planting season, according to a trader in Winnipeg.

"Rain would do lots. That canola won't be harvested until mid-September," he said.

However, the Canadian dollar was nearly half a cent stronger compared to its US counterpart, which made canola less attractive to foreign buyers.

Crush margins are at their lowest point since the summer of last year.

Around 6,355 canola contracts were traded on Friday, which compares with Thursday when around 21,869 contracts changed hands.

Milling wheat, barley and durum were all untraded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change
Canola            Nov     506.90    up 0.70
                  Jan     512.00    up 0.80
                  Mar     515.60    up 0.70
Milling Wheat     Oct     277.00    unch
                  Dec     280.00    unch
Durum             Oct     320.00    unch
                  Dec     321.00    unch
Barley            Oct     145.00    unch
                  Dec     141.00    unch

Dave Sims, Commodity News Service Canada

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