Canola continued to rise Thursday, reaching $456.60 per tonne for the Winnipeg November futures contract, a gain of $2.90.Traders said continuing commercial hedging kept the market strong and gains in both Chicago soybeans and Malaysian palm oil futures kept prices above day-before values.But a strengthening Canadian dollar held the rise in check, as did farmer selling. Prices peaked at $463 before selling pushed them back down to near the opening level.Chicago soybeans rose 15 cents to $10.14 per bushel for November, corn rose almost 12 cents to $4.16 for December and oats rose four cents to $2.79.Minneapolis hard red spring wheat rose nine cents to $7.04.The Canadian Wheat Board’s August Pool Return Outlook was released, boosting wheat prices by between $33 and $53 per tonne, or from $6.12 for Number One CWRS 13.5 in the July PRO to the new price of $7.57 (before transportation and deductions).Both Canadian and U.S. stock markets fell on the day, after beginning higher, as concerns about persistent economic weakness dragged on prices.Crude oil rose slightly to $73.35 per barrel while gold fell three dollars to $1,236.50 per ounce.
Canola continues to rise – for Aug. 26, 2010
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