Most canola contracts traded lower on Monday, pressured by a stronger loonie, weaker crude oil and expectations of a big South American soybean crop.
Front month March did rise on the absence of deliveries, but most of the trade is now in the May contract.
Chicago soybeans saw choppy trade and closed slightly lower, influenced mostly by lower wheat and corn prices, which were pressured by the U.S. dollar’s rise against the euro and other currencies, but not the loonie.
Chicago wheat was depressed by news that Iraq had bought 280,000 tonnes of Russian wheat and 100,000 tonnes from Canada, but no U.S. wheat.
March canola futures on Monday jumped $4.10 to $384.50 per tonne on 56 trades. The previous day’s best basis narrowed to $1.55 per tonne, according to the Winnipeg ICE Futures daily report.
The most active May contract fell $2 to $386.60 on 7,471 trades. New crop November fell $3.20 to $399.60 per tonne on 391 trades.
The Canadian dollar at noon Monday was 95.96 cents US, up from 95 cents at noon the previous trading day. The U.S. dollar at noon was $1.0421 Cdn.
The Winnipeg March barley contract fell $1 to $143 per tonne with no trades. May fell $1 to $147 on 12 trades.
March soybeans rose 1.5 cents to $9.525 US per bushel. November soybeans rose 1.5 cents to $9.425 per bu.
March oats settled at $2.205 per bu., down a half cent.
Light crude oil in New York for April delivery settled at $78.70 US per barrel, down 96 cents from the previous close.
Analysts Celeres said 26 percent of Brazil’s bumper soybean crop had been harvested by Feb. 26. Widespread rain was expected to slow progress this week.
