Winnipeg canola fell another 1.4 percent on Monday as funds continued to sell in a technically weak market.
A stronger loonie and lower crude oil also contributed to the weakness.
American markets were closed for Martin Luther King Jr. day.
Funds sold 3,000 canola contracts increasing the net short position to about 8,000 contracts.
March canola fell $5.20 to close at $376.60 per tonne on 7,508 trades.
May fell $4.80 to close at $384 on 2,466 trades.
New crop November closed down $4.10 at $397.30 on 301 trades.
The 14-day Relative Strength Index for March canola on March 15 was 30.43. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates over bought.
The Bank of Canada at noon Monday said the Canadian dollar was worth 97.55 cents US, up from 97.21 cents the previous trading day. The U.S. dollar was worth $1.0251 Cdn.
The Winnipeg March barley contract fell $2 to $150 per tonne on 100 trades. May fell $2 at $156 on no trades.
Light crude oil in New York for February delivery rose to $78.33 US per barrel. Crude fell every day last week.
Excessive rain in parts of Argentina is hampering the tail end of wheat harvest and some newly seeded soybeans are under water. Generally though, the moisture is expected to benefit the soybean crop.
