Good seeding weather and concerns linked to European debt woes pressured canola futures lower on Monday.
The weaker loonie partly offset the decline.
Downward pressure also came from fast U.S. seeding. As of May 16, 38 percent of the soybean crop was in the ground. That was a little slower than traders’ expectations, but ahead of the five-year average of 35 percent. The corn crop was 87 percent complete, up from the five-year average of 78 percent.
The Canadian Wheat Board estimated that 40 percent of crops had been seeded across Western Canada, down from the normal pace of more than 50 percent. But most regions have good moisture and heat this week will help germination.
The most active July canola contract fell $4.30 to $375.40 per tonne on 5,468 trades.
The previous day’s best basis widened slightly to -$9.75 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 fell to 29, 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 fell $2.70 to $381.90 per tonne on 3,834 trades.
The Canadian dollar at noon was 96.11 cents US, down from 96.67 cents at noon the previous trading day. The U.S. dollar at noon was $1.0405 Cdn.
Winnipeg barley contracts were again untraded. July was steady at $145.50. December was steady at $150.
Chicago July soybeans fell 12.5 cents to $9.41 US per bushel; new-crop November fell 9.75 cents to $9.165.
May oats fell five cents to $1.9075 per bu. December oats fell five cents to $2.095 per bu.
In New York, crude oil for June delivery fell $1.53 to $70.08 per barrel.
The U.S. Department of Agriculture said that 66 percent of the winter wheat crop was in good to excellent condition, up from 48 percent last year at this time.
It said 54 percent of the crop is heading.
