The canola market rose Wednesday, once more following rises in Chicago and steady commercial hedging.
Traders covering short positions also helped lift canola.
November canola futures rose $4.80 to $572.80, with January rising $5.10 to $581.
Traders said rumours of new export sales helped keep confidence in the market’s ability to clear the crop.
Conflicting accounts of the crop’s quality across Western Canada have kept traders guessing, with reports of good conditions coming atop reports of general lateness and the risk of fall degradation.
As always, Winnipeg canola was strongly influenced by Chicago soybeans and soyoil, which had gains Wednesday.
However, the rising Canadian dollar minimized gains in loonie terms.
Corn futures also roared higher Wednesday, making the crop markets a bullish party. High heat is expected to hurt corn potential during the crucial yield-setting stages presently occurring.
Wheat went along for the ride, rising sharply to near four week highs.
Soyoil futures gained from both soybean strength and from crude oil strength.
Oats rose two percent to $3.63 per bushel.
Winnipeg (per tonne)
Canola Jul 11 $587.80, up $4.80
Canola Nov 11 $572.80, up $4.80
Canola Jan 12 $581.00, up $5.10
Canola Mar 12 $586.40, up $4.90
Western Barley Jul 11 $207.00, unchanged
Chicago (per bushel)
Soybeans Jul 11 $13.8700, up 20.50 cents
Soybeans Aug 11 $13.7475, up 19.25
Soybeans Nov 11 $13.7975, up 21.50
Corn Jul 11 $7.2675, up 29.75
Corn Dec 11 $6.7975, up 21.75
Oats Jul 11 $3.6300, up 7.25
Oats Dec 11 $3.7100, up 8.00
Minneapolis (per bushel)
Spring Wheat Jul 11 $8.2125, up 9.75 cents
Spring Wheat Sep 11 $8.2075, up 27.75
Spring Wheat Dec 11 $8.2225, up 23.00
