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ICE Canola Dips as Traders Await USDA Report

WINNIPEG, Nov. 9 (CNS), Nov 09, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

WINNIPEG, MB, November 9, 2017 (CNS) - Canola contracts on the ICE Futures Canada platform were slightly lower at 10:23 CST on Thursday, pressured by action in the Canadian currency and losses in vegetable oil.

The Canadian dollar was stronger relative to its U.S. counterpart, which made canola less enticing to out-of-country buyers and domestic crushers.

Traders were mostly engaged in tight, technical trade as they waited for the release of the USDA's supply and demand report. The report is due to be released at 11:00 CST.

Rain has fallen in northern Brazil, helping improve growing conditions for the country's soybean crop.

However, there are ideas today's report could see a downward revision to U.S. soybean yields, which would be supportive for the market.

About 6,000 canola contracts had traded as of 10:23 CST.

Prices in Canadian dollars per metric ton at 10:23 CST:

                          Price      Change
Canola            Jan     520.40    dn  0.40
                  Mar     527.00    dn  0.70
                  May     530.80    dn  1.70

Dave Sims, Commodity News Service Canada

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