Winnipeg canola posted small gains for July and November contract, but stronger gains for 2010 contract months.
Prices rose early on the wet weather late last week and more showers on the weekend, but pulled back late on technical resistance and hedge selling.
Export and domestic demand has weakened with the recent rally.
Statistics Canada’s preliminary estimates of principal field crop areas will come out June 23.
The Canadian Wheat Board said on Monday wet conditions limited planting by Western Canadian farmers this spring to only 82 percent of the original planned acreage.
July canola rose 10 cents per tonne on Monday to $420.10 on 5,875 trades.
The previous day’s best basis narrowed to $7.90 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 82, 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 $419 per tonne on 11,306 trades.
May 2010 rose $2.60 to $415.90
The Canadian dollar at noon was 98.05 cents US, up from 97.68 cents at noon the previous trading day. The U.S. dollar at noon was $1.0199.
There was no trade in Winnipeg barley. July was $155. October was steady at $150.40. December was steady $150.40.
Chicago July soybeans rose 2.25 cents to $9.63.25 US per bushel and new-crop November rose 8.5 cents to $9.39.
July oats rose 1.5 cents to $2.645 per bu. December oats rose 5.25 cents to $2.6825 per bu.
In New York, crude oil for July delivery rose 64 cents to $77.82 per barrel.
