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ICE canola futures slip on spillover pressure from corn after bearish US report

Published 2019-08-12, 02:49 p/m
Updated 2019-08-12, 02:50 p/m
ICE canola futures slip on spillover pressure from corn after bearish US report

(All figures in Canadian dollars unless noted)

WINNIPEG, Manitoba, Aug 12 (Reuters) - ICE (NYSE:ICE) canola futures dipped on Monday, as a U.S. government crop report sparked a selloff in grains that pulled down oilseeds in sympathy.

* The U.S. corn harvest will be bigger than previously forecast, the U.S. Agriculture Department said on Monday, as the government issued a surprise boost to its outlook despite concerns about a wet spring and dry summer. Canola's losses were limited by improving margins for crushers underpinning its demand, a trader said.

* November canola RSX9 lost $1.70 to $452.40 per tonne.

* November-January canola spread traded 2,568 times.

* Chicago November soybeans SX9 followed the corn market lower. Paris Matif November rapeseed futures /COMX9 slipped.

* The Canadian dollar CAD= was little changed against its U.S. counterpart, holding on to gains from the last two sessions as oil prices rose, while investors worried about a prolonged U.S.-China trade conflict. CAD/

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