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ICE Canada Review: Canola strengthens amid dryness concerns

Winnipeg, MB, May 15, 2018 (CNS Canada), May 15, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

ICE Futures Canada canola contracts were stronger on Tuesday, with weakness in the Canadian dollar behind some of the strength.

Dryness concerns across much of the Prairies were also supportive.
Many areas are in need of moisture, but there is little in the nearby
forecasts.
A lack of significant farmer selling added to the firmer tone, as
producers remain busy with spring seeding.
However, losses in Chicago Board of Trade soyoil and soymeal futures
put some pressure on values. Large old crop supplies and expectations
for record large acres this year also weighed on prices, according
to participants.
About 11,769 canola contracts traded, which compares with Monday when
11,856 contracts changed hands. Spreading accounted for 3,904 of the
contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
                          Price      Change
Canola            Jul     533.50    up  1.30
                  Nov     521.00    up  1.50
                  Jan     525.60    up  1.50
                  Mar     528.20    up  1.70
Spread trade prices are in Canadian dollars and the volume represents
the number of spreads:
Months        Prices                      Volume
Canola
Jul/Nov      14.40  over to 12.10  over    1,435
Nov/Jan       4.30 under to  4.80 under      435
Nov/Mar       7.00 under to  7.80 under       24
Jan/Mar       2.30 under to  3.10 under       26
Mar/Jul       0.70 under to  0.80 under       14
May/Jul       0.20 under                      13
Jul/Nov19    20.00  over                       5

Phil Franz-Warkentin, Commodity News Service Canada

Copyright 2018 Commodity News Service Canada, Inc.

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