Canola futures edged higher on Wednesday, supported by rising vegetable oil values.
But the canola market is moving toward technically overbought territory and might be at risk of a downward correction, one market watcher told Reuters.
The 14-day relative strength index was 64.54 percent.
Generally canola is supported by the record pace exports and domestic use.
There was little new in the corn and soybean markets with trade mostly based on technical factors.
Wheat fell on signs that the current dry weather has not yet hurt the hard red winter wheat crop in the U.s. southern Plains. Rain is in the forecast for the middle of this month in the Plains.
The U.S. agricultural attache in Morocco issued a report on the drought there. Production of cereals will plunge from last year’s large crop. Wheat and durum imports will be needed. Morocco traditionally buys its durum from Canada and wheat from Europe.
Light crude oil nearby futures in New York were up $1.86 to US$37.75 per barrel.
The Canadian dollar at noon was US76.47 cents, up from 75.93 cents the previous trading day. The U.S. dollar at noon was C$1.3077.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 42.57 points, or 0.32 percent, at 13,347.23.
The Dow Jones industrial average rose 113.07 points, or 0.64 percent, to 17,716.39, the S&P 500 gained 21.53 points, or 1.05 percent, to 2,066.7 and the Nasdaq Composite added 76.78 points, or 1.59 percent, to 4,920.72.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2016 482.90 +2.20 +0.46%
Canola Jul 2016 488.00 +2.00 +0.41%
Canola Nov 2016 486.30 +1.80 +0.37%
Canola Jan 2017 491.00 +2.40 +0.49%
Canola Mar 2017 492.90 +3.10 +0.63%
Milling Wheat May 2016 238.00 -2.00 -0.83%
Milling Wheat Jul 2016 238.00 -2.00 -0.83%
Milling Wheat Oct 2016 236.00 -1.00 -0.42%
Durum Wheat May 2016 301.00 +2.00 +0.67%
Durum Wheat Jul 2016 295.00 +2.00 +0.68%
Durum Wheat Oct 2016 282.00 +2.00 +0.71%
Barley May 2016 172.00 unch 0.00%
Barley Jul 2016 174.00 unch 0.00%
Barley Oct 2016 174.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2016 908 +3.25 +0.36%
Soybeans Jul 2016 916 +3.25 +0.36%
Soybeans Aug 2016 918.75 +3.25 +0.35%
Soybeans Sep 2016 918.75 +3 +0.33%
Soybeans Nov 2016 922.25 +2.75 +0.30%
Soybeans Jan 2017 927 +2.75 +0.30%
Soybean Meal May 2016 267.9 -0.8 -0.30%
Soybean Meal Jul 2016 270.5 -0.7 -0.26%
Soybean Meal Aug 2016 271.9 -0.7 -0.26%
Soybean Oil May 2016 34.26 +0.27 +0.79%
Soybean Oil Jul 2016 34.52 +0.27 +0.79%
Soybean Oil Aug 2016 34.63 +0.28 +0.82%
Corn May 2016 358 +1.25 +0.35%
Corn Jul 2016 360.75 +0.75 +0.21%
Corn Sep 2016 364.25 +0.5 +0.14%
Corn Dec 2016 371.5 +0.5 +0.13%
Corn Mar 2017 381.5 +0.5 +0.13%
Oats May 2016 183.5 -0.75 -0.41%
Oats Jul 2016 191 -1.75 -0.91%
Oats Sep 2016 200.25 -1.5 -0.74%
Oats Dec 2016 208.5 -2.5 -1.18%
Oats Mar 2017 213.25 -2.25 -1.04%
Wheat May 2016 463 -11 -2.32%
Wheat Jul 2016 469.75 -11 -2.29%
Wheat Sep 2016 479.5 -10.75 -2.19%
Wheat Dec 2016 494.25 -10.25 -2.03%
Wheat Mar 2017 508.5 -9.75 -1.88%
Minneapolis
Spring Wheat May 2016 516.5 -8.25 -1.57%
Spring Wheat Jul 2016 525.25 -8 -1.50%
Spring Wheat Sep 2016 535 -7.25 -1.34%
Spring Wheat Dec 2016 547.75 -7 -1.26%
Spring Wheat Mar 2017 560.25 -6.75 -1.19%
Kansas City
Hard Red Wheat May 2016 461.25 -12.25 -2.59%
Hard Red Wheat Jul 2016 472.25 -12.75 -2.63%
Hard Red Wheat Sep 2016 486.5 -12.75 -2.55%
Hard Red Wheat Dec 2016 507 -12.75 -2.45%
Hard Red Wheat Mar 2017 519.75 -12.5 -2.35%
