Rain delays and frost threats pushed Winnipeg canola futures higher on Monday.
Environment Canada forecasts a wet week and widespread freezing temperatures on Friday.
Oats continued their strong rally.
From the close Aug. 31 to the close Sept. 13, December oats have risen 20 percent, propelled by rising corn and worries about the Canadian harvest.
Reuters reported that the western Canadian harvest is the slowest in six years. The Canadian Wheat Board said 23 percent of crops had been harvested, up from 18 percent last week but slow compared with the five-year average of 50 percent.
Corn futures rose on tight corn stocks, with talk of disappointing early U.S. yields and wet weather slowing harvest. Trading house Morgan Stanley said corn could climb to $6 US per bushel.
Wheat rose on strong U.S. exports and slow winter wheat seeding in Russia due to drought. (Read more about this in the Sept. 16 Western Producer.)
In Winnipeg, November canola rose 80 cents per tonne to $458.90 on 7,522 trades.
The January contract rose 30 cents to $463.60 on 3,035 trades.
The previous day’s best basis widened to $17.13 per tonne under the November contract in the par region, according to the Winnipeg ICE Futures daily report.
The 14-day Relative Strength Index for November was 71 according to BarChart.com. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.
The Canadian dollar at noon was 97.29 cents US, up from 96.54 the previous trading day. The U.S. dollar at noon was $1.0279.
The TSX composite closed at 12,154.22, up 57.13 points and the S&P 500 closed at 1,121.91, up 12.36 points.
Winnipeg October barley was steady at $170. December was unchanged at $180.
Chicago September soybeans rose 1.75 cents to $10.2525 US per bushel. New-crop November rose 3.5 cents to $10.345.
September oats rose five cents to $3.22 per bu. December oats rose nine cents to $3.33 per bu.
In New York, crude oil for October delivery rose 74 cents to $77.19 US per barrel.
