Grain and oilseed futures generally pulled back on Wednesday after big gains Tuesday.Canola was under pressure from good harvest weather, farmer deliveries leading to commercial hedging, profit taking and the strong loonie.The U.S. dollar weakened again against other currencies because of the belief that the Federal Reserve will lower interest rates to stoke up the flagging economy.The next market moving news could come from the U.S. Department of Agriculture’s crop production report to be released Friday.Analysts expect the report will lower the corn production forecast. The average forecast of analysts polled by Reuters was for a 12.96 billion bushel crop, down from USDA’s September forecast of 13.16 billion. If the USDA does not cut its corn estimate, it will weaken markets.Analysts also expect a slightly smaller soybean number in the Friday report.In Winnipeg, November canola fell $3.30 per tonne to $469.80 on 7,415 trades. The January contract fell $3.40 to $478.40 on 3,769 trades.The previous day’s best basis was $19.13 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 52 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.Winnipeg October barley was steady at $174.50 per tonne. December was steady at $175.50.Chicago new crop November soybeans fell 9.75 cents to $10.62 US per bushel. January fell 9.5 cents to $10.72.December oats fell 1.25 cents to $3.515 per bu. March oats fell 1.25 cents to $3.615.In New York, crude oil for November delivery rose 41 cents to $83.23 US per barrel.The Canadian dollar at noon was 99.28 cents US, up from 98.35 cents the previous trading day. The U.S. dollar at noon was $1.0073.The TSX composite index closed at 12,501.72, up 3.72 points. The S&P 500 fell 0.78 points to close at 1,159.97.
Loonie, weather push canola lower
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