Canola futures fell Thursday, pressured lower by a sharp rise in the loonie and grain company hedging.
There was talk that China bought a couple of cargos of canola this week for delivery in July.
Soybeans were supported by slow farmer selling and firm cash markets.
March canola fell $1.90 to close at $384.30 per tonne on 8,715 trades.
May fell $1.90 to $390.50 on 4,007 trades. New crop November fell $1.70 to $402.90 tonne on 442 trades.
The Canadian dollar at noon Thursday was 95.03 cents US, up from 93.71 cents at noon the previous trading day. The U.S. dollar at noon was $1.0523 Cdn.
The European Union met Thursday and agreed to assist Greece with its debt problem. As well, a report showed the number of Americans filing first time claims for unemployment insurance fell much more than expected in the first week of February.
The loonie has largely kept pace with the U.S. dollar as it surged against other currencies on indications that the recession is lifting in the United States.
CIBC World Markets Inc. said in a report Thursday that Canada’s superior economic and fiscal prospects are making the country increasingly attractive to foreign investors seeking “safe harbour” from a debt crisis looming in Europe.
The Winnipeg March barley contract fell $1 to $148 per tonne with 39 trades. May rose $1 to $155 on 38 trades.
March soybeans rose 5.5 cents US to $9.43 per bushel. November soybeans rose seven cents to $9.155 per bu.
There are reports of soy rust in Argentina, but analysts believe it will not make a significant impact on total production.
Light crude oil in New York for March delivery closed at $75.45 US per barrel, up 93 cents.
