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ICE canola futures dip on soybean weakness, technical sales

Published 2019-01-14, 02:43 p/m
© Reuters.  ICE canola futures dip on soybean weakness, technical sales
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WINNIPEG, Manitoba, Jan 14 (Reuters) - ICE (NYSE:ICE) canola futures dipped on Monday, pressured by weakness in soybean prices and technical selling.

* Canola's losses were bigger than those of competitor soyoil, possibly due to technical selling and spread trades against soybeans, a trader said.

* Traders have said March canola had price support at $480 per tonne, but the contract nosed below that level on Monday.

* Most-active March canola RSH9 lost $3.60 to $479.70 per tonne.

* March-May canola spread traded 1,383 times.

* Chicago March soybeans SH9 lost ground on weak China trade data and technical selling. February Paris Matif rapeseed futures /COMG9 and Malaysian March palm oil futures /1FCPOH9 fell.

* The Canadian dollar CAD= was trading at $1.3268 to the U.S. dollar, or 75.37 U.S. cents at 1:18 p.m. CST (1918 GMT).

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