It was a day of light trade in Winnipeg because American markets were closed for Memorial Day.
The stronger Canadian dollar put downward pressure on canola prices. Support came from delayed seeding and reports that some fields in Saskatchewan and Manitoba have been flooded and will need to be reseeded.
There is a risk of frost tonight in Saskatchewan’s northern grainbelt and in parts of Alberta.
The most active July canola contract fell $1.80 to $373.50 per tonne on 634 trades.
The previous day’s best basis was steady at -$3.75 per tonne off the July contract in the par region, according to the Winnipeg ICE Futures daily report.
The 14-day Relative Strength Index for July canola was 37, according to BarChart.com. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates over bought.
New crop November canola fell 2.10 to $380.40 per tonne on 239 trades.
The Canadian dollar at noon was 95.58 cents US, up from 95.25 cents at noon the previous trading day. The U.S. dollar at noon was $1.0462 Cdn.
Winnipeg barley July was untraded at $147.50. There was a mistake in Thursday and Friday’s report when it said the price was $143.50. December was untraded at $150, with 10 outstanding contracts.
