Weaker U.S. soybean and European rapeseed prices and an improved Western Canada weather forecast pressured canola futures lower on Monday.
July closed at $607.90 per tonne, down $1.80 despite a lower Canadian dollar.
November closed at $561.50, down $2.20.
The forcast for the Prairies turned to sunny and mostly dry from the wet outlook that was posted late last week.
Worries over the weak U.S. job market and the euro zone debt crisis continued to depress the market generally.
Old crop soybeans were lower on liquidation of long soybean-short corn spreads.
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Concern about that dry forecast for the southern corn belt helped lift corn, oats and wheat and new crop soybeans. While dry, the forecast is not for hot weather.
After the close, USDA released its weekly crop progress report.
Corn ratings held steady at 72 percent good to excellent. Traders had expected a drop to 71 percent. The five-year average is 71 percent.
In its first rating of soybeans for the season, USDA put that crop at 65 percent good to excellent. Traders had expected 69 percent good to excellent.
The 65 percent rating was the lowest since 2008, which was a low yield year.
Winnipeg (per tonne)
Canola Jul 12 $607.90, down $1.80 -0.30%
Canola Nov 12 $561.50, down $2.20 -0.39%
Canola Jan 13 $566.90, down $1.60 -0.28%
Canola Mar 13 $571.50, down $0.40 -0.07%
The best basis in the par region on the previous day was $14 over the July canola contract, said ICE Futures Canada.
The 14-day relative strength index for July fell to 47 percent.
Western Barley Jul 12 $237.00 unchanged
Western Barley Oct 12 $210.00 unchanged
Milling Wheat Oct 12 $2256.70, down $1.00 -0.39%
Milling Wheat Dec 12 $264.00, down $1.00 -0.38%
Milling Wheat Mar 13 $273.00, down $1.00 -0.36%
Durum Wheat Oct 12 $275.60 unchanged
Durum Wheat Dec 12 $280.10 unchanged
Durum Wheat Mar 13 $286.70 unchanged
Barley Oct 12 $180.00 unchanged
Barley Dec 12 $183.50 unchanged
Barley Mar 13 $186.50 unchanged
Chicago (per bushel)
Soybeans (P) Jul 12 $13.40, down 4.25 cents -0.32%
Soybeans (P) Aug 12 $13.1975, up 1.25 +0.09%
Soybeans (P) Sep 12 $12.9175, up 6.25 +0.49%
Soybeans (P) Nov 12 $12.6825, up 10.25 +0.81%
Corn (P) Jul 12 $5.68, up 16.5 +2.99%
Corn (P) Sep 12 $5.275, up 12.75 +2.48%
Corn (P) Dec 12 $5.2375, up 13.75 +2.70%
Oats (P) Jul 12 $2.875, up 2.5 +0.88%
Oats (P) Sep 12 $2.88, up 2.0 +0.70%
Oats (P) Dec 12 $2.85, up 2.75 +0.97%
Minneapolis (per bushel)
Spring Wheat Jul 12 $7.425, up 3.0 cents +0.41%
Spring Wheat Sep 12 $7.435, up 2.5 +0.34%
Spring Wheat Dec 12 $7.5175, up 1.5 +0.20%
Spring Wheat Mar 13 $7.595, up 1.0 +0.13%
Nearby light crude oil in New York rose 75 cents to $83.98 per barrel.
The Bank of Canada noon rate for the Canadian dollar was 95.99 cents US, down from 96.34 the day before.
The U.S. dollar was $1.0418 Cdn.
The Toronto Stock Exchange’s S&P/TSX composite index pared early losses to end the day lower by 25.43 points, or 0.2 percent, at 11,335.77.
The Dow Jones industrial average fell 17.11 points, or 0.14 percent, to 12,101.46 at the close.
The Standard & Poor’s 500 Index edged up only 0.14 of a point, or 0.01 percent, to close at 1,278.18.
The Nasdaq Composite Index rose 12.53 points, or 0.46 percent, to close at 2,760.01.
