Nearby Winnipeg canola futures finished Friday a little lower, pressured by weaker soybeans and crude oil.
Concerns about late seeding supported new crop contract months and they closed the day higher. There are also worries about crop damage from snow in Alberta.
The snow is forecast to move into western Saskatchewan later today.
Rain is forecast for large areas into Monday, meaning seeding will not resume until June.
The most active July canola contract fell 40 cents to $375.30 per tonne on 6.775 trades.
The contract fell $3 or 0.8 percent from the close May 21.
The previous day’s best basis narrowed to -$3.75 per tonne off the July contract in the par region, according to the Winnipeg ICE Futures daily report.
The 14-day Relative Strength Index for July canola was 32, according to BarChart.com. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates over bought.
New crop November canola rose 90 cents to $382.50 per tonne on 6,404 trades.
The Canadian dollar at noon was 95.25 cents US, down from 95.27 cents at noon the previous trading day. The U.S. dollar at noon was $1.0499.
Fitch rating agency downgraded Spain’s credit rating, causing investors to jump back to the U.S. dollar.
Winnipeg barley July was untraded at $143.50. There are two outstanding contracts. December was untraded at $150, with 10 outstanding contracts.
Chicago July soybeans fell 14 cents to $9.3775 US per bushel, new-crop November fell 11 cents to $9.0775.
Over the week, the July contract fell 3.25 cents
Near ideal growing conditions in the Midwest are putting downward pressure on soybeans and corn.
July oats fell 5.5 cents to $1.91 per bu. December oats fell 5.5 cents to $2.105 per bu.
In New York, crude oil for June delivery fell 58 cents to $73.97 per barrel.
The Canadian Oilseeds Processors Association reported that in the week ending May 26 its members crushed 100,063 tonnes of canola, a reduction of almost 13 percent from the previous week.
The week’s crush represented a capacity use rate of about 78 percent.
The previous week’s crush was the largest ever, buoyed by weakness in the Canadian dollar.
