Ideal seeding weather, good soil moisture and a half cent gain in the Canadian dollar pressured Winnipeg canola futures a little lower Thursday.Weaker soybeans and crude oil added to the downward pressure.The most active July canola contract fell $1.70 to $378 on 4,034 trades.The previous day’s best basis was steady at -$9.75 per tonne off the July contract in the par region, according to the Winnipeg ICE Futures daily report.The 14-day Relative Strength Index for July canola fell to 39, according to BarChart.com. The rule of thumb is that an RSI of 30 indicates an oversold market and 70 indicates overbought.New crop November fell 90 cents to $382.90 per tonne on 1,990 trades.The Canadian dollar at noon was 98.53 cents US, up from 98.03 cents at noon the previous trading day. The U.S. dollar at noon was $1.0149 Cdn. Winnipeg barley contracts were again untraded. May was steady at $151.10 per tonne. There is no open interest in the May contract. July was steady at $145.50. December was steady at $150.Chicago July soybeans fell one cent US to $9.645 per bushel; new crop November fell 2.25 cents to $9.3525. May oats fell 5.5 cents to $1.925 per bu.Light crude oil for June delivery fell $1.25 to $74.40 per barrel.Crude and equity markets fell on a report that showed the employment picture in the United States is not improving as quickly as hoped.Saskatchewan Agriculture said five percent of the crop had been seeded as of Monday, well behind the five-year average of 24 percent. Seeding is also delayed in Alberta.The U.S. Department of Agriculture confirmed China bought 369,000 tonnes of corn, the largest single purchase since 2001. The deal followed a sale for 115,000 tonnes in late April.Rumours of the trade had lifted corn earlier in the week and following the adage of buy the rumour, sell the fact, corn future fell 5.25 cents Thursday.
Good seeding weather pressures canola lower
explore
Stories from our other publications
