ICE canola futures dip

WINNIPEG, (Manitoba): ICE canola futures dipped on Monday, pressured by falling crude oil prices and technical selling. South American rains, in areas where soybean crops have been under stress from dry conditions, also weighed on oilseeds, a trader said.

March canola lost $26.40, or 2.6%, to $995.90 per tonne. March-May canola spread traded 5,554 times.

Canada’s canola ending stocks as of July 31, 2022 are estimated at a tight 500,000 tonnes, the country’s Agriculture Department said on Friday. US soybean futures slipped, weighed down by improving crop weather in Argentina and Brazil. Euronext May rapeseed futures led the way down for oilseeds, falling more than 4%.