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ICE canola drops with soybeans

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Published: February 1, 2018

By Phil Franz-Warkentin, Commodity News Service Canada

WINNIPEG, Feb. 1 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Thursday, as a sharp drop in Chicago Board of Trade soybeans weighed on values.

Disappointing weekly U.S. soybean export sales and forecasts calling for beneficial rains in dry areas of Argentina accounted for much of the selloff in soybeans that spilled into canola.

Ample old crop supplies and expectations for large Canadian canola plantings this spring also weighed on values, as end-users have little reason to bid up the current market.

Recent strength in the Canadian dollar contributed to the softer tone in canola.

However, canola was lagging the soy complex to the downside at midsession as scale-down commercial demand provided some support.

About 14,000 canola contracts had traded as of 10:49 CST.

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