Winnipeg canola futures slipped slightly on Wednesday due to harvest pressure and lower soybean prices.
The rapid advance of harvest, after many delays in September, has farmers delivering off the combine and that is putting downward pressure on prices.
The strong Canadian dollar, which neared parity with the U.S. dollar on Wednesday, also is weighing on prices.
Soybeans and corn retreated slightly on profit taking after five days of strong gains.
The weakness in crop futures bucked the overall trend in commodities and equities, which rose on the weakness of the U.S. dollar, strong quarterly corporate earnings and a report from China showing record high month-on-month import growth.
In Winnipeg, November canola fell 70 cents per tonne to $493.20 on 11,842 trades.
The January contract fell $1 to $502.00 on 9,432 trades.
The previous day’s best basis was $20 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 64 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.
October barley futures were unchanged at $174.50. December was unchanged at $180.
Chicago new crop November soybeans fell two cents to $11.765 US per bushel. January fell 2.5 cents to $11.87.
December oats fell three cents to $3.80 per bu. March oats fell 2.5 cents to $3.895.
In New York, crude oil for November delivery rose $1.34 to $83.01 US per barrel.
The Canadian dollar at noon was 99.70 cents US, up from 98.91 cents the previous trading day. The U.S. dollar at noon was $1.003.
The TSX composite index closed at 12,673.31, up 97.67 points. The S&P 500 rose 8.33 points to close at 1,178.10.
