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ICE Canola Rises as Canadian Dollar Falls

WINNIPEG, MB, Nov. 29, 2017 (CNS Canada), Nov 29, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

ICE Futures Canada canola contracts were stronger at midday Wednesday, as weakness in the Canadian dollar provided support.

The Canadian currency fell below 78 U.S. cents, to trade at its weakest level in a month. The softer currency makes exports more attractive to international buyers and also helps crush margins improve.

Solid end user demand and supportive technical signals contributed to the gains, as the market continued to recover off of nearby lows.

However, a softer tone in Chicago Board of Trade soybeans and soyoil tempered the upside in canola.

Statistics Canada releases its final production estimates of the year on December 6, and positioning ahead of that report is expected to be a feature over the next few days. Average trade estimates are coming in at around 20 million tonnes.

About 31,000 canola contracts had traded as of 11:00 CST.

Prices in Canadian dollars per metric tonne at 11:00 CST:

                          Price      Change
Canola            Jan     512.00    up  3.30
                  Mar     521.00    up  3.60
                  May     527.00    up  3.30

Phil Franz-Warkentin, Commodity News Service Canada

Copyright 2017 Commodity News Service Canada, Inc.

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