ICE canola futures dip on big supplies

WINNIPEG: ICE canola futures dipped on Monday, as ample supplies and soft demand kept the market locked in its trading range.

* Large leftover Canadian supplies from last year's harvest and expectations for a decent Canadian crop this year despite earlier dry conditions have weighed on the market, a trader said.

* A stronger Canadian dollar added to pressure. The dollar strengthened against its US counterpart ahead of a widely expected Federal Reserve interest rate cut this week.

* China, the biggest export market for Canadian canola usually, continues to balk at purchasing supplies amid a diplomatic dispute.

* November canola lost $1.10 to $449.40 per tonne.

* November-January canola spread traded 1,242 times.

* Chicago August soybeans traded slightly higher as dry weather threatened US Midwest crops, and on hopes for progress in US-China trade talks.

* Paris Matif November rapeseed futures and Malaysian October palm oil futures eased.

* Consultancy Strategie Grains cut its monthly forecast of the 2019 rapeseed harvest in the European Union to 17.40 million tonnes from 17.81 million a month ago.