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ICE Canola Still Under Pressure After StatsCan Report

WINNIPEG, MB, Dec. 7, 2017 (CNS Canada), Dec 07, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

WINNIPEG, December 7 (CNS) - Canola contracts on the ICE Futures Canada platform were lower at 10:45 CST on Thursday, in sympathy with the U.S. soy complex.

Yesterday's report by Statistics Canada also continued to drag on prices. The agency predicted canola production in 2017/18 would hit a record 21.3 million tonnes, which was larger than what most analysts were expecting. It also eased concerns about a potential supply shortage next year.

Losses in Malaysian palm oil futures added to the downside.

Technical selling was a feature in the early going.

However, canola continued to trade within its recent range indicating the market wasn't that unnerved by yesterday's report.

"A lot in the trade may have expected it, so the miss may not have been as large as what it seemed," said a trader in Winnipeg.

The Canadian dollar was weaker relative to its U.S. counterpart, which made canola more attractive on the international market.

About 9,000 canola contracts had traded as of 10:45 CST.

Prices in Canadian dollars per metric ton at 10:45 CST:

                          Price      Change
Canola            Jan     505.10    dn  2.90
                  Mar     513.90    dn  2.80
                  May     520.90    dn  2.40

Dave Sims, Commodity News Service Canada

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