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ICE Canada Review: Canola rises with soybeans

Winnipeg, MB, December 4, 2017 (CNS Canada), Dec 04, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

Canola contracts on the ICE Futures Canada platform posted modest gains on Monday, as strength in U.S. soybeans pointed the way higher.

"Soyoil and the Canadian dollar are battling it out over who has the most influence on canola," said a trader in Winnipeg.

Dry conditions in South American soybean fields are still a concern for farmers, which lent support to futures.

Traders were positioning themselves ahead of Statistics Canada's production estimates on Wednesday.

However, weakness in vegetable oil markets was bearish for canola.

Support for the dominant January contract was pegged at C$505 per tonne by the trader.

Around 15,532 canola contracts were traded on Monday, which compares with Friday when around 21,310 contracts changed hands. Spreading accounted for 10,946 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change
Canola            Jan     507.40    up 1.30
                  Mar     516.40    up 2.20
                  May     522.30    up 2.30
     Spread trade prices are in Canadian dollars and the volume
represents the number of spreads:
Months        Prices                      Volume
Jan/Mar       7.70 under to  9.10 under    4,511
Jan/May      14.10 under to 15.00 under       66
Jan/Jul      17.10 under to 18.00 under       62
Mar/May       5.80 under to  6.20 under      475
Mar/Jul       9.10 under to  9.20 under       11
May/Jul       2.80 under to  3.30 under      193
Jul/Nov      21.00 over  to 20.00 over       155

Dave Sims, Commodity News Service Canada

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