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ICE Canada Review: Canola drops to one-month lows

Winnipeg, MB, Nov. 27, 2017 (CNS Canada), Nov 27, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

ICE Futures Canada canola contracts dropped to their lowest levels in a month on Monday, taking some direction from the losses in Chicago Board of Trade soyoil and other international vegetable oil markets.

Bearish technical signals contributed to the declines, with some fund
long liquidation triggered as values moved below some key moving
averages. Farmer hedges were another bearish influence, as year-end
bills will soon be coming due.
Scale-down end user demand provided some underlying support.
Uncertainty over South American soybean production and the resulting
strength in CBOT soybeans also helped temper the declines.
About 20,851 canola contracts traded on Monday, which compares with
Friday when 23,558 contracts changed hands. Spreading accounted for
10,864 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
                          Price      Change
Canola            Jan     507.80    dn  3.20
                  Mar     516.30    dn  3.10
                  May     522.30    dn  2.10
Spread trade prices are in Canadian dollars and the volume represents
the number of spreads:
Months        Prices                      Volume
Canola
Jan/Mar       8.00 under to  8.50 under    3,285
Jan/May      13.10 under to 14.50 under      232
Jan/Jul      16.00 under to 17.80 under       92
Jan/Nov       7.50  over                       1
Mar/May       4.90 under to  6.00 under    1,296
May/Jul       2.80 under to  3.40 under      398
Jul/Nov      22.50  over to 20.00  over      105
Nov/Jan       2.30 under to  4.50 under       23

Phil Franz-Warkentin, Commodity News Service Canada

Copyright 2017 Commodity News Service Canada, Inc.

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