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ICE Canada canola slides to seven-week low

Published 2016-02-03, 02:38 p/m
ICE Canada canola slides to seven-week low
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(All figures in Canadian dollars unless noted)
WINNIPEG, Manitoba, Feb 3 (Reuters) - ICE Canada canola
futures fell on Wednesday for the fourth time in five sessions,
touching a nearly seven-week nearby contract low, pressured by
the rallying Canadian dollar.
* The Canadian dollar's weakness, which made canola more
attractive in global trade, has previously underpinned the crop.
But the dollar rallied on Wednesday to a nearly seven-week high
following crude oil. CAD/
* Funds seen selling about 1,000 March canola contracts, and
now hold an estimated net short position of about 6,000.
* Canola was underpinned by a slowdown in farmer sales to
cash buyers, and some exporter buying, a trader said.
* March canola RSH6 lost $1.90 at $471.90 per tonne.
* May canola RSK6 gave up $2 at $481.30 per tonne.
* March-May canola spread traded 4,690 times.
* Chicago March soybeans SH6 dropped on profit-taking and
outlooks for needed rains in South America. GRA/
* Malaysian April palm oil 1FCPOJ6 rose and NYSE Liffe
Paris May rapeseed COMK6 slipped.
* The Canadian dollar CAD= was trading at $1.3798 to the
greenback, or 72.47 U.S. cents at 1:10 p.m. CST (1910 GMT),
higher than Tuesday's close at $1.4027 to the greenback, or
71.29 U.S. cents.
* Traders, on average, expect Statistics Canada on Thursday
to estimate smaller canola stockpiles as of Dec. 31, 2015.

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