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ICE canola futures weaken, pressured by plentiful supplies

Published 2019-09-10, 03:15 p/m
ICE canola futures weaken, pressured by plentiful supplies
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CHICAGO, Sept 10 (Reuters) - ICE (NYSE:ICE) Canada canola closed slightly weaker on Tuesday, their sixth straight day of losses, with ample supplies continuing to cast a cloud over the market as the harvest advances, traders said.

* Canola prices, which have shed 1.9% during the losing streak, closed above their session lows as technical buyers stepped into the market when the most-active November contract RSX9 held support above its all-time low of $437 a tonne.

* Short-covering also was noted, a trader said.

* November canola futures contract RSX9 ended down 40 cents at $439.40 per tonne.

* The November-January RSX9-F0 canola spread traded 3,207 times, closing a $7.80 January premium.

* The benchmark CBOT November soybean contract SX9 ended up 14-1/4 U.S. cents at U.S.$8.72 a bushel on a short-covering bounce ahead of a U.S. government crop report due later this week.

* The Canadian dollar edged higher against its U.S. counterpart on Tuesday, approaching a near six-week high reached the previous day, as oil prices rose and domestic data showed a surprise increase in housing starts. CAD/

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