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Howard Leaman                                                     Jan 17/18

     Canola traded on both sides of unchanged again on Wednesday, ending 
mainly higher. Only the November 2018 contract ended lower. The market came
under some selling pressure, but ended mainly higher in response to concerns
that it was oversold. Spillover buing from soybeans and meal and a soft tone
in the Canadian dollar also lent support to canola. The Canadian dollar was
marginally lower against the U.S. dollar despite the Bank of Canada's 
announcement that it would raise interest rates. The raise was expected, and
it appeared to be a case of buy the rumour/sell the fact.

     Canola did encounter selling pressure from spillover weakness from soy
oil, palm oil and European rapeseed as vegetable oil traders reacted to the 
European Parliament's decision to limit crop-based biofuels. Warmer weather
in western Canada that could encourage increased farmer deliveries also 
weighed on canola.

                                   Resistance     Support
               Mch Canola          495.00         487.00
               May Canola          502.70         494.20

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