Winnipeg canola futures fell when Chicago soybean futures dropped on a stronger U.S. dollar and good weather helping to wrap up South America’s harvest.
Also, the rapid pace of U.S. seeding weighed on soybeans.
Canola was weighed down by adequate to good soil moisture throughout most of the Prairies. More moisture was expected Tuesday. Concerns might next turn to delays in canola seeding if cool, wet weather lingers.
Dry parts of Europe also got beneficial rain over the weekend.
The Winnipeg May canola contract fell 90 cents to $386 per tonne on 248 trades. The first delivery day for the contract is today.
The previous day’s best basis widened to -$9.75 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 60, according to BarChart.com. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates over bought.
The most traded July canola contract fell $2.90 to $387 on 5,274 trades.
New crop November fell $1.70 to $389.90 per tonne on 1,316 trades.
The Canadian dollar at noon was 98.68 cents US, down from 98.85 cents at noon the previous trading day. The U.S. dollar at noon was $1.0134 Cdn.
Winnipeg barley contracts were again untraded. May was steady at $151.10 per tonne. There is no open interest in the May contract. July was steady at $145.50. December was steady at $150. Barley has traded only twice since March 8.
Chicago May soybeans fell 13.75 cents to $9.7575 US per bushel. November soybeans fell 9.25 cents to $9.665 per bu.
May oats fell 0.25 cents to $2.05 US per bu.
Light crude oil for June delivery rose 0.04 cents to $86.19 US per barrel.
U.S. planting progress reports showed 68 percent of corn and 15 percent of soybeans were in the ground as of Sunday. Last year, only 32 percent of corn and five percent of soybeans had been seeded by this time.
