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ICE Canola Weakens With Soybeans

WINNIPEG, MB, April 16, 2018 (CNS Canada), Apr 16, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

ICE Futures Canada canola contracts were weaker Monday morning, taking some direction from declines in Chicago Board of Trade soybeans and soyoil.

Continued strength in the Canadian dollar contributed to the declines, as the rising currency cuts into crush margins.

However, snow in Alberta is forecast to move into Saskatchewan and the lingering winter conditions across much of Western Canada provided underlying support, according to a broker. A lack of significant farmer selling, as the weather uncertainty has producers holding out for better prices and spring road bans hamper country movement, also tempered the declines.

About 9,100 canola contracts had traded as of 10:45 CDT, with intermonth spreading a feature as fund traders rolled their positions out of the May contract and into July.

Prices in Canadian dollars per metric tonne at 10:45 CDT:

                          Price      Change
Canola            May     521.10    dn  2.60
                  Jul     523.70    dn  2.30
                  Nov     511.10    dn  3.10
                  Jan     515.20    dn  3.10

Phil Franz-Warkentin, Commodity News Service Canada

Copyright 2018 Commodity News Service Canada, Inc.

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