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Howard Leaman                                                     Jun 22/18

     Canola traded on both sides of unchanged again on Friday, ending mixed
to mainly higher. The inactive deferred contracts starting with the
November 2019 contract were settled lower. The market was supported by
spillover buying from the soy complex and palm oil, continued concerns
about dry conditions in parts of western Canada and optimism that China
will buy more Canadian canola to replace reduced purchases of U.S. soy
caused by the U.S./Chinese trade dispute. Technical buying extended the
gains, as the price charts turn more bullish. 
     The buying in canola was curbed by talk that Canadian canola was
expensive relative to soy, a firmer tone in the Canadian dollar, and
weakness in European rapeseed. The Canadian dollar did show some weakness
against the U.S. dollar on Friday, dropping below $.75 U.S., but it
recovered later in the day to post a tenth of a cent gain. 

                                   Resistance     Support
               Nov Canola          520.00         500.00
               Jan Canola          526.30         507.30

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