Canola edged lower on Thursday, weakened by profit taking, thoughts that recent gains were overdone and reports that yields were better than expected.November hit $517.90 per tonne early, the highest price since mid September 2008, before retreating.Corn fell on a disappointing U.S. weekly export report, and on profit taking.Soybeans edged lower despite strong weekly U.S. exports with sales of 2.02 million tonnes, above the forecast for 1.15 million to 1.35 million. So far this year, soybeans exports to China are running 10 percent ahead of last year.Saskatchewan Agriculture said harvest was 97 percent complete as of Oct. 18. This time last year, only 77 percent was complete.In Winnipeg, November canola closed down $2.70 per tonne to $511.20 on 10,055 trades.The January contract fell $1.80 to $519.90 on 12,511 trades.The previous day’s best basis narrowed slightly to $19.33 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 72, 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.December barley futures were unchanged at $180 per tonne. March was unchanged at $185.Chicago new crop November soybeans fell 10.5 cents to $12.015 US per bushel. January fell 10.75 cents to $12.13.December corn fell 9.25 cents to $5.6425 per bu. December oats rose 0.5 cents to $3.555 per bu. March oats rose one cent to $3.67.In New York, crude oil for November delivery fell $1.98 to $80.56 per barrel.The Canadian dollar at noon was 97.72 cents US, up from 97.61 cents the previous trading day. The U.S. dollar at noon was $1.0233.The TSX composite index closed at 12,599.23, down 50.69 points on weaker commodity prices. The S&P 500 rose 2.09 points to close at 1,180.26.
Canola slightly lower on profit taking
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