Canola futures fell Monday, pressured by losses in soybean futures ahead of Tuesday’s U.S. supply and demand reports.
The U.S. Department of Agriculture will release its report before the start of trade.
The report is expected to lower the corn crop estimate, increase the soybean crop estimate but lower the year end soybean stocks estimate.
A slightly stronger U.S. dollar put downward pressure on soybeans.
In Winnipeg, November canola fell 80 cents per tonne to $545.60 on 25 trades. The contract is in delivery mode.
The January contract fell 90 cents to $550.20 on 6,663 trades.
The November 2011 contract fell $1.10 to $513.70,
The previous day’s best basis was 28 per tonne under the November contract in the par region, according to the Winnipeg ICE Futures daily report.
The November contract RSI was 81. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.
December barley futures were unchanged at $180.10 per tonne. March was unchanged at $185.
Chicago new crop November soybeans fell nine cents to $12.645 US per bushel. January fell 9.25 cents to $12.7475.
December corn fell 2.5 cents to $5.8525 per bu.
December oats rose 1.25 cents to $3.765 per bu. March oats also rose 1.25 cents to $3.89.
In New York, crude oil for December delivery fell 44 cents US per barrel.
The Canadian dollar at noon was 99.78 cents US, down from 99.85 cents the previous trading day. The U.S. dollar at noon was $1.0022.
