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ICE Canola Boosted By Weak Canadian Dollar

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

ICE Futures Canada canola contracts were stronger at midday Tuesday, as weakness in the Canadian dollar provided support.

The currency was down by more than half a cent relative to its United States counterpart, which underpins crush margins and makes exports more attractive to international buyers.

Dryness concerns across much of the Prairies were also supportive, with many areas in need of moisture, according to a trader. A lack of significant farmer selling was also supportive, as producers are still busy with spring seeding.

On the other side, losses in Chicago Board of Trade soybeans put some pressure on values.

About 7,500 canola contracts had traded as of 10:35 CDT.

Prices in Canadian dollars per metric tonne at 10:35 CDT:

                          Price      Change
Canola            Jul     534.60    up  2.40
                  Nov     520.90    up  1.40
                  Jan     525.30    up  1.20
                  Mar     528.90    up  2.40

Phil Franz-Warkentin, Commodity News Service Canada

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