Rain over the long weekend in some areas and more moisture forecast this week is disrupting Prairie harvest operations.
Worries about the delays and possible frost pushed Winnipeg canola futures higher on Tuesday.
Canola was also supported by stronger soybean oil prices, which rose on strong weekly soy oil export sales to China.
Canadian crusher margins improved with the stronger vegetable oil and meal prices.
Wheat slipped and corn was little changed after big gains late last week on thoughts that U.S. corn yields might not be a high as forecast by the U.S. Department of Agriculture.
The Interfax agency quoted Russia’s agriculture minister as saying the country had enough grain to feed itself despite the drought. Grain stocks there were revised up to 26 million tonnes from 21.7 million.
Statistics Canada reports on end of crop year grain stocks on Wednesday. Traders expect to see larger wheat stocks than last year, but smaller canola and oats stocks.
The USDA reports its latest monthly supply and demand figures on Friday, including its corn yield estimate.
In Winnipeg, November canola rose $5.40 per tonne to $466.50 on 10,783 trades.
The January contract rose $5.50 to $472.20 on 883 trades.
The previous day’s best basis was $14.13 per tonne under the November contract in the par region, according to the Winnipeg ICE Futures daily report.
The 14-day Relative Strength Index for November was 49 according to BarChart.com. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.
The Canadian dollar at noon was 95.9 cents US, down from 96.05 the previous trading day. The U.S. dollar at noon was $1.0427 Cdn.
Winnipeg October barley was steady at $175. December fell $3 to $180 on 25 trades.
Chicago September soybeans rose 14 cents to $10.4375 US per bushel. New-crop November rose 17 cents to $10.52.
September oats rose 11.5 cents to $2.945 per bu. December oats rose eight cents to $3.03 per bu.
In New York, crude oil for October delivery fell 51 cents to $74.09 US per barrel.
