Canola rose on Friday, buoyed again by rising wheat prices, but failed to lift the price high enough to post a gain on the week.Over the week, November canola fell 40 cents, but posted a near record monthly rise in July, climbing $42.80 per tonne.Wheat futures soared again on Friday with speculative money pouring into the market on drought shrinking the wheat crop in the former Soviet Union and Europe.Wheat futures in Chicago soared 42 percent in July and are up 55 percent from the low point in June.That was the biggest one month jump since 1959.Wheat also was supported by the Canadian Wheat Board’s revision Friday of its estimate of the Prairie all-wheat crop to 18.75 million tonnes from 18.9 million forecast in early June.The CWB said Prairie average yields will be better than the long-term average but the threat of frost hangs over the crop.The CWB expects to export 15.1 million tonnes of grain in 2010-11, down from 18.8 million in the crop year just ended. That number was the best in 10 years.There was little canola news to move the market. Analysts believe recent sunny and drier weather has improved the crop outlook.Soybeans and corn rose, lifted by wheat.In Winnipeg on Friday, November canola rose $3.80 per tonne to $459.60 on 5,832 trades.The January contract rose $4.30 to $461.60 on 458 trades.The previous day’s best basis widened to $8 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 72 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 97.18 cents US, up from 96.43 the previous trading day. The U.S. dollar at noon was $1.029.Winnipeg October barley was steady and untraded at $159.10 and December was also steady at $159.10.Chicago August soybeans rose 25.75 cent to $10.525 US per bushel. September rose 19.25 cents to $10.12. New-crop November rose 17 cents to $10.05.September oats rose 9.5 cents to $2.71 per bu. December oats rose 9.5 cents to $2.84 per bu. In New York, crude oil for September delivery rose 59 cents to $78.95 US per barrel.The Canadian Oilseed Processors Association said members processed 116,949 tonnes of canola in the week ending July 28.That was up 1.8 percent from the week before and was the fourth consecutive week of increasing crush.
Canola finishes week down 40 cents
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