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Canola hits two-month high ahead of key Statscan report

Published 2018-12-05, 03:29 p/m
Updated 2018-12-05, 03:30 p/m
Canola hits two-month high ahead of key Statscan report

CHICAGO, Dec 5 (Reuters) - ICE (NYSE:ICE) canola futures rose for the fourth session in a row on Wednesday to a two-month high.

* Traders said crusher buying provided support to the market, which has risen 2.9 percent since the January contract RSF9 hit an all-time low on Nov. 26.

* Positioning also was noted ahead of Statistics Canada's monthly crop production report on Thursday.

* January canola RSF9 settled $2.30 higher at $484.70.

* The March canola contract RSH9 was $2.00 higher at $492.00.

* Chicago January soybeans SF9 rose 1-3/4 cents to $9.13-1/2 a bushel, underpinned by hopes for revived sales to China. February Paris Matif rapeseed futures /COMG9 and Malaysian February palm oil futures /1FCPOG9 both fell.

* The Canadian dollar weakened to a 1-1/2-year low against its U.S. counterpart on Wednesday as investors slashed expectations for further interest rate hikes from the Bank of Canada after a dovish interest rate announcement from the central bank. CAD/

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