With American grain markets closed for the Independence Day holiday, there was little activity in the Winnipeg market.
July canola fell $1.50 per tonne Monday to $431.30 on 121 trades. The July contract has moved into delivery mode and expires July 14.
The previous day’s best basis narrowed to $3 per tonne off the July contract in the par region, according to the Winnipeg ICE Futures daily report.
New crop November canola, the most traded contract, fell $2 per tonne to $419.80 on 1,938 trades.
The 14-day Relative Strength Index for July canola was 66, according to BarChart.com. November’s RSI was 61. 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 93.81 cents US, down from 93.91 cents at noon the previous trading day. The U.S. dollar at noon was $1.066.
Winnipeg July barley rose $6 to $172 on 42 trades. October was untraded at $152.50 and December was untraded at $152.50.
Chicago markets were closed.
Trading was open at the New York Mercantile Exchange where crude oil for August delivery fell 39 cents to $71.75 per barrel.
The Canadian Oilseed Processors Association reported that members crushed 103,025 tonnes of canola in the week ending June 30, down 1.5 percent from the previous week.
That represented a capacity use of 80.2 percent.
To date, the crush stands at 4.12 million tonnes, up from 3.7 million at the same time last year.
Russia reduced its grain production forecast to 85 million tonnes from 88-90 million earlier this year.
Last year, it produced 97 million tonnes.
SovEcon, a private forecaster, said it could fall to 80 million tonnes if hot, dry weather continues in the central portion of the country near the Volga River.
There was also talk from APK-Inform Agency of Ukraine that discussions were ongoing in Russia to end an export tax on rapeseed. It said that if the tax was eliminated, rapeseed production could triple in th
