Canola edged higher on Wednesday, supported by reports of disappointing yields in some areas and worries about cool weather in Alberta in the next few days.
The November contract closed at $581.10 per tonne, up $1.70.
Demand from exporters and domestic crushers also supported the market.
Rain this week is delaying canola harvest. Temperature lows in Alberta on Saturday morning are forecast in the 4-5 C range
The Chicago market saw little change as traders consolidated positions at month’s end.
Corn edged lower on month end profit taking.
Soybeans were slightly higher and Minneapolis wheat rose on worries about the supply of quality wheat.
For the month, corn prices surged 14.1 percent and soybean futures rose seven percent.
Chicago wheat gained 9.4 percent in August.
Canola rose only about four percent during the month as warm weather helped speed crop maturity and lessen worries about late harvest.
Winnipeg (per tonne)
Canola Nov 11 $581.10, up $1.70
Canola Jan 12 $590.10, up $2.00
Canola Mar 12 $598.40, up $2.10
Canola May 12 $604.50, up $2.30
The previous day’s best basis was $20 under the November contract according to ICE Futures Canada in Winnipeg.
The November contract’s 14-day Relative Strength Index was 68. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.
The barley contract saw life again today, driving the price up $5 per tonne.
Western Barley Oct 11 $210.00, up $5.00
Western Barley Dec 11 $215.00, up $5.00
Western Barley Mar 11 $220.00, up $5.00
Chicago (per bushel)
Soybeans Sep 11 $14.49, up 0.25 cents
Soybeans Nov 11 $14.575, up 0.5
Soybeans Jan 12 $14.6725, up 1.0
Corn Sep 11 $7.575, down 6.0
Corn Dec 11 $7.675, down 7.75
Oats Sep 11 $3.70, down 3.0
Oats Dec 11 $3.725, down 1.5
Minneapolis (per bushel)
Spring Wheat Sep 11 $9.67, up 26.0 cents
Spring Wheat Dec 11 $9.465, up 13.25
Spring Wheat Mar 12 $9.4725, up 11.75
Light crude oil nearby futures in New York fell nine cents at $88.81 US per barrel. (There was an error in Monday’s report.)
The Canadian dollar at noon was $1.0221 US, up from $1.0211 the previous trading day. The U.S. dollar at noon was 97.84 cents Cdn.
The Toronto Stock Exchange composite index unofficially closed up 133.99 points, or 1.06 percent, at 12,768.70, its highest close since Aug. 3.
The Standard & Poor’s 500 Index was up 5.97 points, or 0.49 percent, at 1,218.89.
