ICE canola futures slip for second day on forecast rains

WINNIPEG: ICE canola futures dipped on Tuesday, as beneficial rains were forecast to reach the Canadian Prairies later this week.

* The prospect of better weather may have spurred more farmer selling of their stockpiles, prompting commercials to hedge their purchases from farmers by selling futures, a trader said.

* Parched soils have hampered Canadian crops while rains swamp the US Midwest.

* July canola lost $2.20 to $453.10 per tonne.

* July-November canola spread traded 2,670 times.

* Chicago July soybeans unofficially ended up slightly on Midwest planting delays.

* Paris Matif August rapeseed futures eased and Malaysian August palm oil futures climbed.

* The Canadian dollar strengthened to its highest level in nearly two weeks against its US counterpart on Tuesday as speculation that the Federal Reserve would soon cut interest rates weighed on the greenback.

* Strategie Grains cut its forecast for this year's European Union rapeseed harvest, adding to expectations that EU output will shrink to its lowest in more than a decade.