Canola prices edged slightly lower Monday in listless trade, generally following prices in Chicago.
May canola futures fell $1.10 to $580.20, while the November contract fell $1.20 to $588.50.
In Chicago soy oil futures fell slightly, down 15 cents to $56.69 per 100 pounds for the May contract and down 24 cents to $57.47 for the October contract.
Soybean prices in Chicago fell 11 cents for the May contract and seven cents for the November.
Traders are keenly awaiting the March 31 U.S. Department of Agriculture seeding intentions report to see how the “battle for acres” and high commodity prices have influenced U.S. farmers’ decisions.
The USDA also releases updated stocks reports that day.
Concerns about saturated prairie soils continue to haunt the market, giving support to prices, while anxiety over the “Arab spring” and nuclear problems in Japan soften support.
Winnipeg (per tonne)
Canola May 11 580.20, down $1.10
Canola Jul 11 588.50, down $1.20
Canola Nov 11 565.90, down $1.10
Canola Jan 12 570.90, down 90 cents
The previous day’s best basis was steady at $15.50 under the May contract according to ICE Futures Canada in Winnipeg.
The May contract’s Relative Strength Index was 52. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.
Western Barley May 11 200.00s unchanged
Chicago (per bushel)
Soybeans May 11 $13.485, down 9.75 cents
Soybeans Jul 11 $13.5925, down 9.25 cents
Soybeans Nov 11 $13.42, down 8.25 cents
Corn May 11 $6.71, down 18.5 cents
Corn Dec 11 $5.97, down 12.5 cents
Oats May 11 $3.49, unchanged
Oats Jul 11 $3.575, unchanged
Minneapolis (per bushel)
Spring Wheat May 11 $8.75, down 6 cents
Spring Wheat Jul 11 $8.835, down 5.75 cents
Spring Wheat Dec 11 $9.0075, down 6 cents
Light crude oil nearby futures in New York fell $1.42 to $103.98 US per barrel.
The Canadian dollar at noon was $1.0248 US, up from $1.0227 the previous trading day. The U.S. dollar at noon was 97.58 cents Cdn.
The Toronto Stock Exchange composite index fell 146.66 points, or 1.04 percent, to 13,892.73.
The Standard & Poor’s 500 Index fell 3.61 points, or 0.27 percent, to 1,310.19.
