ICE Canadian canola futures dipped on Monday for the fifth straight session, as technical selling pressured the market to fresh contract lows. Funds hold an estimated net short position of 44,000 July contracts, a trader said. Trade expects Canadian farmers will plant 21.8 million acres of canola this spring, down 1 million acres from a year ago, according to a Reuters survey. Statistics Canada will release the government's estimates on Wednesday.
A diplomatic dispute with China, the biggest Canadian canola export market, has dampened canola demand. May canola lost $6 to $443.10 per tonne. May-July canola spread traded 11,097 times, and accounted for most of the day's activity. Chicago May soyabeans lost ground on technical selling. Malaysian July palm oil futures dipped. The Canadian dollar was trading at $1.33338 to the US dollar, or 74.97 US cents at 1:07 p.m. CDT (1807 GMT).
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