Winnipeg canola futures fell sharply again on weaker soybean prices and fund selling.
The federal government and the canola industry announced a plan to expand canola trade. It will examine current obstacles, such as China’s restrictions over blackleg in canola and increase market intelligence to avoid future restrictions.
Ample moisture in Brazil’s soy growing regions also weighed on the market.
January canola, which is in delivery mode, closed at $395.30 per tonne, down $6.10 on no trades and no open interest.
Most actively traded March fell $6.10 to close at $393.30 on 8,627 trades.
May fell $5.50 to close at $400.60 on 1,429 trades.
The Bank of Canada at noon Monday said the Canadian dollar was worth 96.93 cents US, up from 96.67 cents on Jan. 8. The U.S. dollar was worth $1.0317 Cdn.
The Winnipeg January barley contract fell 80 cents $155.50 with no trades and no open interest. March also fell 80 cents to $152.30 on 115 trades. May was up $2.50 to $157.60 on 76 trades.
Chicago March soybeans, the most active month, fell 11.5 cents to $10.105 US per bushel.
Light crude oil in New York for February delivery fell 23 cents to $82.52 US per barrel on expectations for the U.S. cold snap to end.
