ICE Canola Moves Lower With Soybeans
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Canola futures on the Intercontinental Exchange fell as U.S. soybeans declined after President Trump confirmed China's agreement to purchase more U.S. soybeans. This caused a drop of nearly 40 cents per bushel in soybeans, impacting canola prices. Analysts noted that soybeans were overbought and suggested using other crops as a hedge. Chicago soyoil and other oils also saw declines. The Canadian dollar weakened slightly, providing some support for canola. Trading volume reached about 25,200 contracts by 10:25 a.m. CDT.
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