Gains in U.S. markets on Monday and Tuesday drove Winnipeg canola higher when trading resumed after the Thanksgiving holiday.American crop futures markets were still supported by Friday’s bullish U.S. Department of Agriculture report that cut corn and soybean crop estimates. Corn hit a fresh two-year high at $5.8425 US per bushel.U.S. crop prices rose despite the record pace of harvest in the Midwest. As of Oct. 10 the corn harvest was 51 percent complete and soybeans were 67 percent done. The five-year average for corn is 30 percent and for soybeans 48 percent.Gains in canola were limited by continued good harvest weather, farmer selling off the combine and the stronger Canadian dollar.In Winnipeg, November canola rose $5.60 Cdn per tonne to $493.90 on 17,134 trades.The January contract rose $5.50 to $503.00 on 12,570 trades.The previous day’s best basis widened to $20 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 65 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.October barley futures were unchanged at 174.50. December was unchanged at $180.Chicago new crop November soybeans rose 26 cent to $11.785 US per bushel. January was up 26.5 cents at $11.895.December oats rose 14 cents to $3.83 per bu. March oats rose 13 cents to $3.92.In New York, crude oil for November delivery fell 54 cents to $81.67 per barrel.The Canadian dollar at noon was 98.91 cents, up from 98.66 cents the previous trading day. The U.S. dollar at noon was $1.0110 Cdn.The TSX composite index closed at 12,575.64, up 40.05 points. The S&P 500 rose 4.45 points to close at 1,169.77.
American markets boost canola
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