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ICE canola futures dip on soy weakness

Published 2019-05-08, 02:45 p/m
ICE canola futures dip on soy weakness
USD/CAD
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ICE
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WINNIPEG, Manitoba, May 8 (Reuters) - ICE (NYSE:ICE) canola futures eased on Wednesday, dragged down by soy weakness.

* Canola's losses were limited by exporter pricing and modest short-covering early in the session, a trader said. The new-crop November contract ended unchanged.

* But investors sold the short-lived rally, as fundamentals looked bearish amid big Canadian canola stocks and China refusing to buy canola seed from Canada, the trader said.

* July canola RSN9 lost 80 cents to $437.50 per tonne.

* July-November canola spread traded 3,184 times.

* Chicago July soybeans SN9 fell on jitters over U.S.-China trade talks. Paris Matif August rapeseed futures /COMQ9 edged higher and Malaysian July palm oil futures /1FCPON9 eased.

* The Canadian dollar CAD= strengthened against its U.S. counterpart on Wednesday but held to a narrow range, as oil prices increased and domestic housing starts rose sharply in April. CAD/

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