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ICE Canada Review: Canola follows soybeans lower ahead of USDA

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

ICE Futures Canada canola contracts were weaker on Wednesday, following Chicago Board of Trade soybeans as traders booked profits ahead of the United States Department of Agriculture monthly supply/demand report set for release on Thursday.

Speculators were noted sellers, as canola backed away from nearby
chart resistance. Increased farmer hedges, improving moisture
conditions in Western Canada, and large old crop supplies added to
the softer tone in canola, according to participants.
However, weakness in the Canadian dollar provided underlying support
for canola, with the currency falling by more than half a cent relative
to its U.S. counterpart. As a result, crush margins held relatively
steady on the day.
About 19,155 canola contracts traded on Wednesday, which compares with
Tuesday when 14,505 contracts changed hands. Spreading accounted for
7,246 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
                          Price      Change
Canola            May     522.20    dn  3.80
                  Jul     526.60    dn  3.90
                  Nov     514.00    dn  1.30
                  Jan     517.90    dn  1.50
Spread trade prices are in Canadian dollars and the volume represents
the number of spreads:
Months        Prices                      Volume
Mar/May       4.00 under to  6.00 under      100
May/Jul       4.00 under to  4.80 under    2,207
May/Nov       9.50  over                     216
Jul/Nov      16.50  over to 11.10  over      914
Nov/Jan       3.80 under to  4.60 under      186

Phil Franz-Warkentin, Commodity News Service Canada

Copyright 2018 Commodity News Service Canada, Inc.

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