Canola prices fell Monday as moisture conditions on the western Prairies improved and the loonie rose.
Last week’s snow helped areas of west-central Saskatchewan, but accumulations in dry parts of Alberta were light.
More moisture is in the forecast this week, but a lot of rain is needed to make up for a record dry winter.
Old crop soybean futures rose on slow farmer selling, but new crop months fell.
The May canola contract fell $1.30 to $389.80 per tonne on 10,626 trades.
The previous day’s best basis was steady at -$1.75 per tonne off the May contract in the par region, according to the Winnipeg ICE Futures daily report.
The 14-day Relative Strength Index for May canola fell to 47, according to BarChart.com. The rule of thumb is that an RSI of 30 indicates an oversold market and 70 indicates overbought.
July canola fell $1.70 to $386.20 on 8,647 trades.
New crop November fell $3.30 to $388.60 per tonne on 1,249 trades.
The Canadian dollar at noon was 99.85 cents US, up from 99.45 cents at noon the previous trading day. The U.S. dollar at noon was $1.0015 Cdn.
Winnipeg barley was untraded. The May contract was steady at $154 per tonne. July was $145.50. December was $150.
Chicago May soybeans rose 7.75 cents US to $9.60 per bushel. November soybeans fell 1.5 cents to $9.35 per bu.
May oats rose three cents to $2.18 per bu.
Light crude oil for May delivery fell 58 cents to $84.34 per barrel.
The U.S. winter wheat crop continues to enjoy good weather. On Monday afternoon, the U.S. Department of Agriculture said 65 percent of the crop is in good to excellent condition, up from 42 percent at the same point last year.
