Profit taking, the stronger Canadian dollar and evening up in advance of Friday’s Statistics Canada report caused canola futures to fall on Tuesday.Rain and cool weather has slowed crop maturing, but forecasts call for sunnier weather in the second half of the week. There is the possibility of more rain Sunday and Monday in some parts of the Prairies.Canola fell despite rising soybean values on soybean-wheat spreading and some concern about dry conditions in parts of the U.S. MidwestIn Winnipeg, November canola fell 80 cents per tonne to $467.30 on 7,824 trades.The January contract fell 60 cents to $471.20 on 1,409 trades.The 14-day Relative Strength Index for November was 69 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.The Canadian dollar at noon was 96.97 cents US, up from 95.86 the previous trading day. The U.S. dollar at noon was $1.0312. The loonie was supported by the BHP Billiton’s bid for Potash Corp. of Saskatchewan. PCS’s board rejected the bid, but if eventually the Australian mining giant wins in a bid for the potash producer it would require loonies to finance the venture.Winnipeg October barley was steady at $168 and December was steady at $179. There was no trade.Chicago September soybeans rose 11.25 cents to $10.455 US per bushel. New-crop November rose 10.5 cents to $10.4225.September oats rose three cents to $2.755 per bu. December oats rose three cents to $2.885 per bu. In New York, crude oil for September delivery rose 53 cents to $75.77 US per barrel.
Canola slips on stronger dollar
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