In light trade Winnipeg canola slipped slightly lower.
Earlier in the day futures rose, supported by a weaker loonie and slightly stronger soybean prices. But buyers stepped back once the price rallied and prices ended down a little.
March canola fell 30 cents to close at $383.60 per tonne on 5,696 trades.
May fell 60 cents to close at $389.90 on 1,016 trades.
New crop November fell 30 cents to $402.60 on 334 trades.
The 14-day Relative Strength Index for March canola on Jan. 26 was 22. The rule of thumb is an RSI of 30 and lower indicates an over sold market while 70 and higher indicates over bought conditions.
The Bank of Canada at noon Tuesday said the Canadian dollar was worth 94.29 cents US, down from 94.50 cents the previous trading day. The U.S. dollar was worth $1.0606 Cdn.
The Winnipeg March barley contract was steady at $150 per tonne with 18 trades. May was steady at $155 on no trades.
March soybeans rose 5.5 cents to $9.46 US per bushel.
Light crude oil in New York closed at $74.71 US per barrel, down 55 cents.
China announced more credit tightening to cool an overheated economy. This could dampen demand for commodities, including grain and oilseeds.
Oilseed analysts Oil World said this week the advancing, large South American soybean crop will increasingly pressure soybean and soy meal prices lower.
However, soy oil will see less pressure because of a tighter supply of competing vegetable oils and good demand.
That is good news for canola because of its higher oil content.
