Technical signals that the Winnipeg canola contract is over bought caused profit taking and futures fell on Friday.Weakness also came from hedge selling by elevator companies and from lack of new export business.Traders will watch the Statistics Canada seeding survey expected June 23. The question will be how well the survey, conducted in late May and early June, reflects the surplus rain that kept farmers from their fields.Intense rain in southeastern Alberta and southwestern Saskatchewan on Thursday likely damaged crops. Significant rain across the Prairies generally added to the excess moisture problem.July canola fell $8.40 per tonne on Friday to $420 on 5,444 trades.Over the week, canola rose $24.60.The previous day’s best basis narrowed to $8 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 was 81, 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 canola fell $8.30 to $418.10 per tonne on 11,144 trades.The Canadian dollar at noon was 97.68 cents US, up from 97.24 cents at noon the previous trading day. The U.S. dollar at noon was $1.0238.Winnipeg barley July rose $6 to $155 on 22 trades. October was steady at $150.40. December was untraded at $150.40.Over the week, July barley rose $7.50 per tonne.Chicago July soybeans rose nine cents to $9.61 US per bushel and new-crop November rose 5.5 cents to $9.305.July oats rose 1.75 cents to $2.63 per bu. December oats rose 4.5 cents to $2.63 per bu. Over the week, the July contract rose 36 cents.In New York, crude oil for July delivery rose 39 cents to $77.18 per barrel.The Canadian Oilseeds Processors Association reported that in the week ending June 16 its members crushed 100,182 tonnes of canola, an increase of almost 6.2 percent from the week before. The week’s crush represented a capacity use rate of 78 percent.
Canola rises $24.60 on week
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