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ICE Canada Firms With Soybeans Ahead Of StatsCan Report

WINNIPEG, MB, Dec. 5, 2017 (CNS Canada), Dec 05, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

ICE Futures Canada canola contracts were posting small gains Tuesday morning, seeing some consolidation ahead of Wednesday's Statistics Canada crop production report.

Most traders expect to see an upward revision to canola production from earlier estimates, but the extent of that revision remains to be seen. Average trade guesses on the size of the canola crop come in at just over 20 million tonnes, which would compare with the September estimate of 19.7 million and the year-ago level of 19.6 million.

Gains in Chicago Board of Trade soybeans provided some underlying support for canola, according to participants.

However, the Canadian dollar was also firmer in early activity, which put some pressure on canola values.

About 11,000 canola contracts had traded as of 8:55 CST.

Prices in Canadian dollars per metric ton at 8:55 CST:

                          Price      Change
Canola            Jan     508.90    up  1.50
                  Mar     517.70    up  1.30
                  May     523.90    up  1.60

Phil Franz-Warkentin, Commodity News Service Canada

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