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ICE canola futures drop for fourth day over rains, China meat crackdown

Published 2019-06-26, 02:37 p/m
Updated 2019-06-26, 02:40 p/m
ICE canola futures drop for fourth day over rains, China meat crackdown

WINNIPEG, Manitoba, June 26 (Reuters) - ICE (NYSE:ICE) canola futures slipped on Wednesday for a fourth straight session, on thoughts that recent rains helped crops on the Canadian Prairies and concerns about a trade dispute with top importer China.

* China's crackdown this week on Canadian meat stoked pessimism about Canada and China resolving a diplomatic dispute that includes canola exports, a trader said.

* Statistics Canada estimated Canadian canola plantings of 21 million acres, down 8% from last year and slightly higher than the average trade guess. GRO/CA July canola RSN9 fell $5 to $440.80 per tonne.

* Most-active November canola RSX9 gave up $2.30 to $453.80 per tonne.

* July-November canola spread traded 4,109 times.

* Chicago July soybeans SN9 dipped on warmer, drier U.S. Midwest weather. Paris Matif August rapeseed futures /COMQ9 and Malaysian September palm oil futures /FCPOU9 dipped.

* The Canadian dollar CAD= strengthened to a near four-month high against its U.S. counterpart as oil prices rose and investors became more optimistic that the United States and China would strike a trade deal. CAD/

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