Canola futures rose on Friday, supported by the weaker Canadian dollar and stronger crude oil prices.
There were also thoughts that rapeseed crop problems in Ukraine and China might support the market.
Snow and rain in Alberta on Thursday and rain Thursday and Friday in Saskatchewan have improved the soil moisture situation.
The rain is expected to move into the Midwest and slow what has been a record fast start to the seeding season there.
The Winnipeg May canola contract rose $4.30 to $386.90 per tonne on 329 trades. The first delivery day for the contract is Monday.
For the week, the May contract rose $7.50 per tonne
The previous day’s best basis widened to -$7.05 per tonne off the May contract in the par region, according to the Winnipeg ICE Futures daily report.
The 14-day Relative Strength Index for May canola rose 66, according to BarChart.com. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates over bought.
The most traded July canola contract rose $1.60 to $389.90 on 6,139 trades.
New crop November rose $1.90 to $391.60 per tonne on 1,776 trades.
The Canadian dollar at noon was 98.85 cents US, down from 99.46 cents at noon the previous trading day. The U.S. dollar at noon was $1.0116 Cdn.
Canada’s economy grew by 0.3 percent in February as expected. U.S. growth in the first quarter came in a little less than expected at 3.2 percent.
Winnipeg barley contracts were again untraded. May was steady at $151.10 per tonne. There is no open interest in the May contract. July was steady at $145.50. December was steady at $150. Barley has traded only twice since March 8.
Chicago May soybeans rose 3.75 cents $9.895 US per bushel. November soybeans rose 5.25 cents to $9.7575 per bu.
For the week, the May contract fell 10.5 cents.
May oats rose 1.75 cents to $2.0525 US per bu.
Light crude oil for June delivery rose 98 cents to $86.15 US per barrel.
The Canadian Oilseed Processors Association said members crushed 101,735 tonnes of canola in the week ending April 28, down 2.8 percent from the previous week.
So far this year, COPA members have crushed 3.23 million tonnes.
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