Canola futures gave back the previous day’s gains Thursday, weakened by a retreat in soy oil futures.
Soy oil fell on profit taking after the previous day’s gains.
After disappointing exports the week before, U.S. soybean exports for the week ending March 11 were stronger than expected.
The May canola contract fell $3.60 to $377.60 per tonne on 5,083 trades. The previous day’s best basis was steady at -$7.75 per tonne off the May contract in the par region, according to the Winnipeg ICE Futures daily report.
The 14-day Relative Strength Index for May canola fell to 37, according to BarChart.com. The rule of thumb is an RSI of 30 indicates an oversold market and 70 indicates overbought.
July fell $3.60 to $383.10 on 1,144 trades.
New crop November fell $3.50 to $385.10 per tonne on 1,976 trades.
The Canadian dollar at noon was 98.63 cents US, down from 98.88 cents at noon the previous trading day. The U.S. dollar at noon was $1.0139 Cdn.
The Winnipeg May barley contract was steady at $154 on no trades and only 11 open interest contracts. July fell $5 to $145 on five trades. December was steady at $150.
May soybeans rose 0.5 cents to $9.595 US per bushel. November soybeans fell 0.5 cents to $9.40 per bu.
May oats rose 0.5 cents to $2.255 per bu.
Light crude oil for April delivery fell 73 cents to $82.20 per barrel.
The Canola Council of Canada holds its annual meeting in San Francisco today and Friday. Watch Ed White’s blog at www.producer.com for daily coverage.
At the convention, the council announced it was introducing an agronomic communication program called Grow Canola 2.015.
“Using e-mail, smart phone and social media platforms to provide canola growers with real-time agronomic updates will revolutionize agriculture,” Denise Maurice, the council’s vice-president of crop production, said in a news release.
Farmers will be able to send text and/or photos to an expert for immediate assistance and localize agronomic information, such as variety performance, disease control, insect forecasts and weed control via a web application.
