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Howard Leaman                                                     Sep 19/17

     Canola traded on both sides of unchanged again on Tuesday, ending
unchanged to higher. The actively traded contracts were settled higher.
Prices were supported by wet and cold weather in parts of western Canada
that is disrupting the harvest. Early strength in soybeans and meal also
lent support to canola, though those markets turned lower later in the day.
Soy oil also reversed to erase early losses and trade higher. Technical
buying extended the gains in canola. 

     The buying in canola was somewhat surprising given the bearish factors
seen on Tuesday. Stats Can predicted that Canadian canola production would
be a record 19.7 million tonnes this year based on a model forecast. That
was significantly above the 18.2 million estimated previously using
surveys. Further, despite the wet and cold weather in parts of western
Canada farmer selling of canola is described as active. Outside markets
were also bearish for canola on Monday, with palm oil and European rapeseed
on the defensive, while the Canadian dollar was up about a fifth of a cent
against the U.S. dollar. 

                                   Resistance     Support
               Nov Canola          501.80         486.60
               Jan Canola          508.70         493.00

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