Canola futures bounced back a little on Wednesday from steep declines the previous two days.The lower price attracted buying from crushers and exporters.Improved seeding weather limited gains.The most active July canola contract rose $3.80 to $380.20 on 8,263 trades.The previous day’s best basis was steady at -$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 rose to 43, 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 rose $3.60 to $383.80 per tonne on 1,926 trades.The Canadian dollar at noon was 98.03 cents US, down slightly from 98.09 cents at noon the previous trading day. The U.S. dollar at noon was $1.0201 Cdn. Winnipeg barley contracts were again untraded. May was steady at $151.10 per tonne. (Tuesday’s report incorrectly said the May price was $151.50.) There is no open interest in the May contract. July was steady at $145.50. December was steady at $150.Chicago July soybeans fell 0.5 cent to $9.655 per bushel; new-crop November was steady at $9.375. May oats rose 0.25 cents to $1.98 US per bu.Light crude oil for June delivery fell 72 cents to $75.65 US per barrel.China bought six more ship loads, or about 300.000 to 330,000 tonnes, of American corn, bringing the total this year to about 445,000 tonnes. China was expected to buy more corn after last month making its first purchase in several years. China’s corn crop was hurt by drought last year. This year, cold weather has delayed seeding there.
Lower price sparks canola buying
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