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ICE canola futures rise, end seven-day slide

Published 2019-05-07, 02:35 p/m
ICE canola futures rise, end seven-day slide
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WINNIPEG, Manitoba, May 7 (Reuters) - ICE (NYSE:ICE) canola futures rose on Tuesday, halting a seven-day skid, on commercial buying and weakness in the Canadian dollar.

* Exporter demand was likely behind commercial buying, a trader said.

* Canola bounced despite a government report showing big stockpiles.

* Statistics Canada pegged the country's total canola stocks as of March 31, 2019 at 10 million tonnes, up 10.5 percent from a year earlier. It was slightly below the average trade estimate of 10.2 million. July canola RSN9 tacked on $5.90 to $438.30 per tonne.

* July-November canola spread traded 2,994 times.

* Chicago July soybeans SN9 unofficially ended up slightly on short-covering. Paris Matif August rapeseed futures /COMQ9 edged higher and Malaysian July palm oil futures /1FCPON9 rose nearly 3 percent.

* The Canadian dollar CAD= weakened against its U.S. counterpart on Tuesday as investors worried that trade negotiations between the United States and China were unraveling, which could hurt the global economy. CAD/

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