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ICE Canola Takes Position Ahead of Report

WINNIPEG, September 12 (CNS), Sep 12, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

Canola contracts on the ICE Futures Canada platform were little changed at 10:27 CDT on Tuesday, as traders waited for the release of the USDA's monthly supply and demand report.

There are widespread ideas that today's report, scheduled to come out at 11:00 CT, will have a lower US soybean yield.

Gains in US soybeans and vegetable oil markets were supportive for canola.

Some rain is expected to fall later this week in Western Canada, which could delay the harvest.

However, combines continue to criss-cross across the Prairies, which was bearish.

Large supplies of US soybeans are also making their way to market.

The funds have begun to move from a long position to a net short one, according to an analyst.

About 13,500 canola contracts had traded as of 10:27 CDT.

Milling wheat, barley and durum were all untraded.

Prices in Canadian dollars per metric ton at 10:27 CDT:

                          Price      Change
Canola            Nov     485.90    up  0.20
                  Jan     492.60    unch
                  Mar     499.50    unch
Milling Wheat     Oct     231.00    unch
                  Dec     234.00    unch
Durum             Oct     281.00    unch
                  Dec     285.00    unch
Barley            Oct     145.00    unch
                  Dec     148.00    unch

Dave Sims, Commodity News Service Canada

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