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ICE Canada Review: Canola lifted by CDN Currency

Winnipeg, MB, March 5, 2018 (CNS Canada), Mar 05, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

The ICE Futures Canada canola ended higher on Monday, taking support from a falling Canadian currency. The Canadian dollar was barely hanging above the 77 US cent mark, which makes canola more enticing to foreign buyers.

Gains in U.S. soybeans were supportive for the market.

Snowfall across the Prairies over the weekend may be delaying farmer sales.

Despite Canola's recent rise it is still relatively affordable compared to other oilseeds.

However, losses in U.S. soyoil weighed on the market.

Expectations of a large Canadian canola crop this year tempered the upside.

A recent rally in soymeal appears to have fizzled out while recent talk about tariffs in the U.S. has thrown some hesitation into the market.

Around 19,169 canola contracts were traded on Monday, which compares with Friday when around 18,726 contracts changed hands. Spreading accounted for 9,624 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change
Canola            May     530.50    up  3.40
                  Jul     534.60    up  2.80
                  Nov     519.40    up  2.00
     Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Months        Prices                      Volume
Mar/May       1.00 over  to  7.80 under       97
May/Jul       3.70 under to  4.90 under    2,456
May/Nov      11.20 over  to  9.90 over       671
Jul/Nov      15.50 over  to 13.60 over     1,406
Nov/Jan       4.10 under to  4.30 under      182

Dave Sims, Commodity News Service Canada

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