Fallout from U.S. regulators charging Goldman Sachs with fraud last week had all markets backpedaling Monday.
Grain markets were also pressured lower by excellent spring weather in the U.S. Midwest and Canadian Prairies and by weaker crude oil markets. The U.S. Department of Agriculture reported Monday that 19 percent of corn had been seeded, compared to the five-year average of nine percent.
The canola market is also wary of the potential for a big increase in seeded area this spring.
Partly offsetting the weakness was a lower Canadian dollar.
The May canola contract fell $2.30 to $379.20 per tonne on 3,239 trades.
The previous day’s best basis widened to -$2.15 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 36, according to BarChart.com. The rule of thumb is an RSI of 30 indicates an oversold market and 70 indicates overbought.
July canola fell $2.20 to $385.90 on 6,183 trades.
New crop November fell $1.80 to $391.20 per tonne on 1,744 trades.
The Canadian dollar at noon was 98.03 cents US, down from 98.54 cents at noon the previous trading day. The U.S. dollar at noon was 1.0201 cents Cdn.
The Winnipeg May barley contract fell 90 cents to $151.10 per tonne on 11 trades. July was steady at $145.50 on five trades. December was steady at $150.
Chicago May soybeans fell 8.5 cents to $9.7675 per bushel. November soybeans fell 9.5 cents to $9.56 per bu.
May oats fell eight cents to $2.0725 per bu.
Light crude oil for May delivery fell $1.79 to $81.45 per barrel.
