Winnipeg canola futures rose early in the day but closed lower, riding along with fluctuations in the soybean and currency markets.
January settled at $401.60 per tonne, down $5.20 on a volume of 7,014 contracts.
March rose $5.10 to close at $408.30 per tonne on a volume of 1,029 contracts.
The Bank of Canada at noon said the Canadian dollar was worth 94.78 cents US, up from 93.49 cents Friday. The U.S. dollar was worth $1.0551 Cdn.
The Winnipeg January barley contract was steady at $160 per tonne with no trades. March was $160.50 per tonne with no trades.
Canola initially rose along with Chicago soybeans, which were driven to a 12-week high by strong exports, stronger crude oil prices and a weaker U.S. dollar. Stronger palm oil prices, supported by worries that heavy rain in Malaysia will delay shipments and hurt production, also supported oilseed prices.
However, the market turned down late on profit taking and hedge-related selling as farmers locked in prices on newly harvested crop.
China’s commerce ministry said it expects the country will import from all sources 234,149 tonnes of rapeseed in November and 156,378 tonnes in December.
China has imposed restrictions on canola shipments from Canada and Australia. Imports must be certified blackleg free to enter freely. Canada expects most of its crop will test positive for blackleg, meaning it can be shipped to only a few Chinese ports outside the main rapeseed production and crushing region.
The U.S. Department of Agriculture said that as of Nov. 22, 94 percent of U.S. soybeans had been harvested, up from 89 percent the previous week, but down from the five-year average of 97 percent.
