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ICE Canola Rises with Soy and Sluggish Farmer Selling

WINNIPEG, May 19, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

Canola contracts on the ICE Futures Canada platform were higher Friday morning, tracking gains in the US soy complex.

The technical bias has turned higher according to a trader.

Slow farmer selling and delays in canola planting were supportive for the market.

Farmers in Brazil are said to be holding back sales of soybeans right now, due to the slump in the country's currency.

There are ideas yesterday's losses were overdone.

However, there is some speculation more selling could occur as new crop canola contracts fell yesterday.

The Canadian dollar was stronger relative to its US counterpart, which made canola less enticing to international buyers.

Milling wheat, barley and durum were untraded.

Prices in Canadian dollars per metric ton at 8:58 CDT:

                          Price      Change
Canola            Jul     521.80    up  0.60
                  Nov     499.40    up  0.90
                  Jan     505.40    up  2.10
Milling Wheat     Jul     237.00    unch
                  Oct     236.00    unch
Durum             Jul     274.00    unch
                  Oct     267.00    unch
Barley            Jul     138.00    unch
                  Oct     140.00    unch

Dave Sims, Commodity News Service Canada

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