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ICE Canada Review: Canola ticks upwards with veg oil

Winnipeg, MB, November 8, 2017 (CNS Canada), Nov 08, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

The ICE Futures Canada canola market finished slightly higher on Wednesday, taking strength from gains in vegetable oil markets.

Advances in U.S. soybeans were supportive amid steady global demand for oilseeds.

Traders weren't pushing the market too hard in either direction. Everyone is waiting to see if the USDA raises or lowers the U.S. soybean yield in tomorrow's supply and demand report.

However, rain in northern Brazil has helped improve growing conditions for soybean fields there, which was bearish for canola.

The Canadian dollar was roughly a quarter of a cent higher compared to its US counterpart, which made canola less attractive to international buyers.

Around 18,242 canola contracts were traded on Wednesday, which compares with Tuesday when around 22,211 contracts changed hands. Spreading accounted for 12,572 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change
Canola            Jan     520.80    up 0.70
                  Mar     527.90    up 0.80
                  May     532.50    up 0.90
     Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Months        Prices                      Volume
Jan/Mar       6.60 under to  7.40 under    4,109
Jan/May      12.00 under to 12.30 under       13
Mar/May       4.40 under to  5.10 under    1,641
May/Jul       2.90 under to  3.30 under      501
Jul/Nov      32.40 over  to 29.50 over        22

Dave Sims, Commodity News Service Canada

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