Canola futures traded higher early on Monday but closed lower, pressured down by falling soybeans.
Strong harvest progress in the U.S. drove soybeans lower with 69 percent of the crop now complete, up from 51 percent a week ago and the five-year average of 61 percent.
The canola market was supported early by more unconfirmed talk of new exports.
Corn and oats were little changed and spring wheat dipped slightly.
In outside markets optimism about EU efforts to settle the Greek debt crisis cooled a little when Germany’s finance minister said the full package of policies might take a little longer to put together.
Winnipeg (per tonne)
Canola Nov 11 $533.70, down $4.30 (-0.80%)
Canola Jan 12 $544.20, down $4.00 (-0.73%)
Canola Mar 12 $553.20, down $4.20 (-0.75%)
Canola May 12 $560.80, down $4.10 (-0.73%)
The previous day’s best basis narrowed to $17.40 under the November contract, according to ICE Futures Canada in Winnipeg.
The November contract’s 14-day Relative Strength Index was 50. The rule of thumb is an RSI of 30 indicates an over sold and 70 is over bought.
Western Barley Dec 11 $215, unchanged
Chicago (per bushel)
Soybeans Nov 11 $12.53, down 17.0 cents (-1.34%)
Soybeans Jan 12 $12.605, down 18.0 (-1.41%)
Soybeans Mar 12 $12.6775, down 18.0 (-1.40%)
Corn Dec 11 $6.405, up 0.5 (+0.08%)
Corn Mar 12 $6.5125, down 0.25 (-0.04%)
Oats Dec 11 $3.395, down 0.5 (-0.15%)
Oats Mar 12 $3.495, down 0.5 (-0.14%)
Minneapolis (per bushel)
Spring Wheat Dec 11 $8.9575, up 3.25 cents (+0.36%)
Spring Wheat Mar 12 $8.3975, up 6.0 (+0.72%)
Spring Wheat May 12 $8.2175, up 6.75 (+0.83%)
Light crude oil nearby futures in New York fell 42 cents to $86.38 US per barrel.
The Canadian dollar at noon was 98.50 cents US, little changed from 98.55 cents the previous trading day. The U.S. dollar at noon was 1.0152 Cdn.
The Toronto Stock Exchange composite index fell 158.69 points, or 1.3 percent, to 11,923.04.
The Standard & Poor’s 500 Index was down 53.71 points, or 2.01 percent, at 2,614.14.
