Winnipeg canola January futures settled slightly lower after a day of trade in a narrow range.
Deferred months closed slightly higher.
Downward pressure came from modest hedge pressure from grain companies, a slightly stronger loonie and last week’s bearish Statistics Canada report that put the crop at 11.8 million tonnes.
Supporting the market was news that a Chinese importer, Sinograin, would buy more canola oil than expected.
Prime minister Stephen Harper’s mission to China last week failed to get a breakthrough on the blackleg issue, but Sinograin softened the blow by saying it would buy 350,000 tonnes of canola oil this year, up by 200,000 tonnes from last year.
Canadian canola oil imports by all Chinese buyers last year totaled 395,073 tonnes.
January canola settled Monday at $412.60 per tonne, down 10 cents from Friday on a volume of 9,445 contracts.
March rose 10 cents to close at $419.50 per tonne on a volume of 6,187 contracts.
The Bank of Canada at noon Monday said the Canadian dollar was worth 95.14 cents US, up from 95.08 cents Friday. The U.S. dollar was worth $1.0511 Cdn.
The Winnipeg January barley contract fell $2 to $160 per tonne with 28 trades. March rose 30 cents to $160.30 per tonne with 72 trades.
Chicago January soybeans rose 10 cents to $10.53 US per bushel.
