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ICE Canada Review: Canola ticks higher in thin trading

Winnipeg, MB, November 6, 2017 (CNS Canada), Nov 06, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

The ICE Futures Canada canola market finished higher amid thin volumes on Monday, as advances in U.S. soyoil provided the path of least resistance.

Demand for canola continues to be steady while gains in U.S. soybeans also helped prop up values.

Traders were positioning themselves ahead of Thursday's USDA supply and demand report.

Dryness problems in northern Brazil underpinned prices.

However, losses in Malaysian palm oil were bearish for the market.

The recent rally in canola looks like it may be running out of steam, according to a trader in Winnipeg.

The Canadian dollar was slightly higher, which dragged on canola prices.

Around 9,384 canola contracts were traded on Monday, which compares with Friday when around 14,566 contracts changed hands. Spreading accounted for 4,996 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change
Canola            Jan     518.90    up 2.10
                  Mar     525.30    up 2.60
                  May     529.40    up 2.80
     Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Months        Prices                      Volume
Jan/Mar       5.70 under to  6.40 under    1,589
Jan/May      10.00 under to 10.20 under        6
Mar/May       3.40 under to  4.10 under      552
May/Jul       2.00 under to  2.60 under      325
Jul/Nov      30.30 over  to 28.20 over        35

Dave Sims, Commodity News Service Canada

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