Winnipeg canola futures rose Friday on stronger soybean futures and rumours of new canola export sales.
Gains were limited by the advance of harvest and grain company hedging to cover increased farmer deliveries.
Light trade in barley pushed its price higher.
Early harvesting has been delayed in many places because of rain that swept across the Prairies Thursday and Friday.
Reuters reported that Drew Lerner of World Weather Inc. in Kansas City said the first frost threat on the Prairies is possible in the first week of September. It is too early to say if the temperature will actually reach 0 C, he said.
Recent wet weather should clear up early next week, followed by about 10 days of warmer, dry conditions.
Wheat, which had been driving the grains complex, took a back seat to corn and soybeans Friday. Profit taking lowered wheat prices, despite talk from Russia that the drought could prevent planting of about one-third of the winter crop, normally seeded in the fall. Russian first deputy prime minister Viktor Zubkov said as much as 15 million acres will not be seeded this fall and will have to wait until spring.
However, recent strong wheat prices might encourage U.S. farmers to boost winter wheat acres this fall.
U.S. soybeans rose on good exports and forecasts for hot dry weather next week that could stress crops as they fill pods.
In Winnipeg, November canola rose $6.30 per tonne to $456.10 on 9,298 trades.
The January contract rose $6.80 to $465.40 on 830 trades.
For the week, November fell $12.20 per tonne.
The previous day’s best basis was unchanged at $18 per tonne under the November contract in the par region, according to the Winnipeg ICE Futures daily report.
The Canadian dollar at noon was 96.14 cents US, up from 95.84 the previous trading day. The U.S. dollar at noon was $1.0402 Cdn.
Winnipeg October barley was steady at $168 but December saw 10 trades that drove the price to $188, up $8.
Chicago September soybeans rose 17.5 cents to $10.435 US per bushel. New crop November rose 15.5 cents to $10.44.
September oats rose 1.5 cents to $2.735 per bu. December oats rose 1.5 cents to $2.865 per bu.
In New York, crude oil for September delivery fell 35 cents to $75.39 per barrel.
The Canadian Oilseed Processors Association said members processed 115,569 tonnes in the week ending Aug. 11.
Since the start of the crop year, members have processed 182,337 tonnes, up from 123,571 tonnes last year in the same period.
