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ICE Canada canola futures slip on weak soyoil, strong dollar

Published 2018-03-22, 02:29 p/m
Updated 2018-03-22, 02:30 p/m
ICE Canada canola futures slip on weak soyoil, strong dollar

(All figures in Canadian dollars unless noted)

WINNIPEG, Manitoba, March 22 (Reuters) - ICE Canada canola futures slipped on Thursday, pressured by a drop in soyoil prices and strength in the Canadian dollar.

* Canola's losses were modest considering that the soyoil and dollar fluctuations weakened canola crush margins, a trader said.

* Canola's May contract is technically strong, trading above key moving averages.

* May canola RSK8 lost $1.90 to $519.10 per tonne.

* The May-July canola spread traded 1,476 times.

* Chicago May soybeans SK8 fell on technical selling and concerns about a trade war. NYSE MATIF May rapeseed COMK8 and Malaysian May crude palm oil 1FCPOK8 eased.

* The Canadian dollar CAD= was trading at $1.2908 to the U.S. dollar, or 77.47 U.S. cents at 1:10 p.m. CDT (1810 GMT).

* Private analytics firm Informa Economics raised its forecast of U.S. 2018 soybean plantings to 91.5 million acres, a record high if realized, from 91.197 million previously.

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