WINNIPEG, Manitoba): ICE canola futures lost ground on Monday for the third straight session, as oilseed prices declined on improving weather for South America’s soybean crops.

Speculators are reducing long canola positions with nearby contracts looking high-priced, a trader said, adding that canola is currently “the dog of the oilseeds.”

Most-active May canola lost $5.90 to $994.70 per tonne.

March-May canola spread traded 2,823 times.

Chicago soybeans eased on renewed calls for rainfall in parts of South America that could refresh parched crops as Argentina and Southern Brazil near harvest.

Euronext May rapeseed futures also declined.