Oilseeds lost ground on Wednesday with markets focusing on stronger U.S. and Canadian currencies, profit taking and elevator company hedging.
In Canada, some of the losses were also linked to traders taking extra insurance in case American markets drop on Thursday when Canadian markets will be closed for Remembrance Day.
The Canadian dollar gained against its American counterpart and both gained against the euro as traders worried about debt in Ireland, Portugal and Spain.
Chicago corn and wheat also fell.
Corn was weakened by a report in a Chinese publication that said China’s corn crop is bigger than expected and might not import as much as expected.
Rising canola basis levels have reduced the impact of the stronger futures on cash prices.
In Winnipeg, the January contract fell $4.90 to $563.50 on 6,898 trades. March fell $5.50 to $570.30 on 2,805 trades.
The November 2011 contract fell $4.80 to $516.10.
The previous day’s best basis widened to $34.50 per tonne under the November contract in the par region, according to the Winnipeg ICE Futures daily report.
The November contract RSI was 79. 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 9.75 cents to $13.095 US per bushel. January fell 9.5 cents to $13.195.
December corn fell 9.5 cents to $5.6675 per bu.
December oats fell 12 cents to $3.61 per bu. March oats also fell 12 cents to $3.735.
In New York, crude oil for December delivery rose $1.09 cents to $87.81 per barrel.
The Canadian dollar at noon was 99.83 cents US, little changed from 99.87 cents the previous trading day. The U.S. dollar at noon was $1.0017.
The TSX composite index rose 26.01 points to close at 12,942.64. The S&P 500 rose 5.34 points to close at 1,218.74.
