Winnipeg canola futures rallied strongly on weather worries Monday.
A stronger loonie limited the gains.
November canola closed at $394 per tonne, up $6.70 on volume of 6,482 contracts. January rose $7.50 to end at $398.80 on a volume of 5,500 contracts.
Canada might see better harvest weather this week after widespread rain on Oct. 18.
The U.S. Midwest was forecast to see more rain by midweek. That lifted Chicago soybeans to $9.9625 US per bushel, up 18.75 cents.
While 80 percent of Canadian canola had been harvested by last week, only 30 percent of U.S. soybeans was in the bin as of Oct. 18, up from 23 percent the week before but well down from last year’s 64 percent and the five year average of 72 percent, said the U.S. Department of Agriculture.
Only 17 percent of corn had been harvested, up from 13 percent the week before but down from last year’s 28 percent and the historical average of 46 percent.
The Canadian dollar rallied to 97.01 US at noon Monday, up from 96.26 on Friday.
The U.S. dollar was 1.0308 compared to 1.0389 on Friday.
November barley rose $2 to 153 per tonne. January barley was up $1 to $157.
