Canola dropped sharply on Thursday on liquidation ahead of Friday’s Statistics Canada report and on weakness in soybeans.Soybeans fell on mostly good weather in the Midwest, raising the hope for excellent yields. An industry crop tour of Iowa, the leading soy producing state, found higher than average pod counts, indicating the possibility for strong yields.There is much speculation on the size of the Canadian canola crop but the Statistics Canada report might shed some light.The loonie was down about one cent, limiting the price decline in canola. The loonie fell on more news about the weakness of the economy. U.S. jobless claims hit a nine-month high and Canadian monthly wholesale trade data was worse than expected. In Winnipeg, November canola fell $11.40 per tonne to $448.30 on 13,584 trades.The January contract fell $11.40 to $452 on 533 trades.The previous day’s best basis was $15.13 per tonne under the November contract in the par region, according to the Winnipeg ICE Futures daily report.The 14-day Relative Strength Index for November was 44 according to BarChart.com. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.The Canadian dollar at noon was 96.16 cents US, down from 97.19 the previous trading day. The U.S. dollar at noon was $1.0399.Winnipeg October barley was steady at $168. December was steady at $182. There were no trades.Chicago September soybeans fell 18.5 cents to $10.1675 US per bushel. New-crop November fell 18.5 cents to $10.1525.September oats fell 2.75 cents to $2.74 per bu. December oats fell 2.75 cents to $2.87 per bu. In New York, crude oil for September delivery fell 99 cents to $74.43 US per barrel.
Canola down sharply ahead of StatsCan report
explore
Stories from our other publications
