Winnipeg canola futures rose for the eighth consecutive trading day Wednesday.More heavy rain was forecast for large parts of the Prairies as a system moves through today, Thursday and Friday.Heavy rain warnings were issued Wednesday afternoon for southeastern Alberta with accumulations of 50 mm or more forecast for most of the region. Some areas near the Cypress Hills could reach 120 mm.Canola growers are not delivering because of prospects for rising prices and transport difficulties due to mud.Canola’s rising price supported Chicago soybeans, as did wet weather in the U.S. Midwest that is interfering with seeding and talk that China had bought more U.S. soybeans.Rain in the U.S. hard red winter wheat region is interfering with harvest.China said Tuesday it would continue restricted access for Canadian canola with blackleg for another year. The Canola Council of Canada said Wednesday that it was unlikely China would lift the restrictions in the next year.July canola rose $13.80 per tonne to $430 on 13,723 trades. Traders rolled many July contracts over to November.The previous day’s best basis widened to $4.60 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 91, according to BarChart.com. The rule of thumb is that an RSI of 30 indicates an oversold market and 70 indicates overbought.New crop November canola rose $9.50 to $427.10 per tonne on 19,014 trades.The Canadian dollar at noon was 97.69 cents US, up from 97.2 cents at noon the previous trading day. The U.S. dollar at noon was $1.0236 Cdn.Winnipeg barley July was untraded at $147.50. October was untraded at $150. December was untraded at $150.Chicago July soybeans rose 8.25 cents to $9.5775 per bushel; new-crop November rose nine cents to $9.245.July oats fell four cents to $2.70 per bu. December oats fell five cents to $2.62 per bu. In New York, crude oil for July delivery rose 73 cents to $77.67 per barrel.
Canola closed up $13.80 on additional rain
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