Sunny warm weather on the Prairies has allowed harvest to progress, putting pressure on Winnipeg canola futures.
The forecast calls for good harvest weather to continue all week.
Harvest pressure was also a feature in Chicago corn trade. Corn hit a two-year high early as traders assessed last week’s flood damage in the northern corn belt, but then declined on forecasts for good harvest weather.
Soybeans edged higher as the market balanced the corn-soybean price spread. Soybeans are considered cheap when the corn to soybean ratio reaches 2:1 and are too expensive at a ratio of 2.5:1. At the close Monday, the ratio was at 2.2:1.
In Winnipeg, November canola fell $3 per tonne to $482.30 on 14,370 trades.
The January contract fell $2.20 to $488.40 on 5,073 trades.
The previous day’s best basis was $16.13 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 67 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.
Winnipeg October barley was steady at $179 per tonne. December rose $2.90 to $184.90 on one trade.
Chicago new crop November soybeans rose 2.5 cents to $11.285 US per bushel. January rose 2.75 cents to $11.3825.
December oats fell four cents to $3.48 per bu. March oats fell 3.25 cents to $3.55.
In New York, crude oil for November delivery rose three cents to $76.52 US per barrel.
The Canadian dollar at noon was 97.47 cents US, up from 97.44 the previous trading day. The U.S. dollar at noon was $1.026.
Stock markets paused after recent gains.
The TSX composite closed at 12,190.60, down 14.26 points. The S & P’s 500 Index fell 6.51 points to 1,142.16.
