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ICE Canada Review: Canola follows soybeans lower

Winnipeg, MB, June 13, 2018 (CNS Canada), Jun 13, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

ICE Futures Canada canola contracts were weaker on Wednesday, taking some direction from a downturn in Chicago Board of Trade soybeans.

Bearish technical signals contributed to the declines, with some stops hit on the way down as prices dipped below nearby support.

Relatively favourable North American crop conditions also weighed on values, with recent rainfall helping improve the yield potential greatly in many areas. However, some regions may be starting to get too wet, while others missed out on the moisture, according to participants.

About 34,181 canola contracts traded, which compares with Tuesday when 38,263 contracts changed hands. Spreading accounted for 27,230 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change
Canola            Jul     514.50    dn  2.50
                  Nov     505.90    dn  5.10
                  Jan     511.70    dn  5.80
                  Mar     515.80    dn  5.60
Spread trade prices are in Canadian dollars and the volume represents
the number of spreads:
Months        Prices                      Volume
Jul/Nov       9.20  over to  5.90  over   10,728
Jul/Jan       3.20  over to  0.10  over    1,030
Jul/Mar       1.30 under                      18
Nov/Jan       5.60 under to  6.50 under    1,704
Jan/Mar       3.50 under to  4.40 under      120
Mar/May       2.20 under to  2.50 under       15

Phil Franz-Warkentin, Commodity News Service Canada

Copyright 2018 Commodity News Service Canada, Inc.

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