Canola futures edged higher on Wednesday, supported by rising vegetable oil values.
But the canola market is moving toward technically overbought territory and might be at risk of a downward correction, one market watcher told Reuters.
The 14-day relative strength index was 64.54 percent.
Generally canola is supported by the record pace exports and domestic use.
There was little new in the corn and soybean markets with trade mostly based on technical factors.
Wheat fell on signs that the current dry weather has not yet hurt the hard red winter wheat crop in the U.s. southern Plains. Rain is in the forecast for the middle of this month in the Plains.
The U.S. agricultural attache in Morocco issued a report on the drought there. Production of cereals will plunge from last year’s large crop. Wheat and durum imports will be needed. Morocco traditionally buys its durum from Canada and wheat from Europe.
Light crude oil nearby futures in New York were up $1.86 to US$37.75 per barrel.
The Canadian dollar at noon was US76.47 cents, up from 75.93 cents the previous trading day. The U.S. dollar at noon was C$1.3077.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 42.57 points, or 0.32 percent, at 13,347.23.
The Dow Jones industrial average rose 113.07 points, or 0.64 percent, to 17,716.39, the S&P 500 gained 21.53 points, or 1.05 percent, to 2,066.7 and the Nasdaq Composite added 76.78 points, or 1.59 percent, to 4,920.72.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2016Â Â 482.90Â Â +2.20Â Â +0.46%
Canola Jul 2016Â Â 488.00Â Â +2.00Â Â +0.41%
Canola Nov 2016Â Â 486.30Â Â +1.80Â Â +0.37%
Canola Jan 2017Â Â 491.00Â Â +2.40Â Â +0.49%
Canola Mar 2017Â Â 492.90Â Â +3.10Â Â +0.63%
Milling Wheat May 2016Â Â 238.00Â Â -2.00Â Â -0.83%
Milling Wheat Jul 2016Â Â 238.00Â Â -2.00Â Â -0.83%
Milling Wheat Oct 2016Â Â 236.00Â Â -1.00Â Â -0.42%
Durum Wheat May 2016Â Â 301.00Â Â +2.00Â Â +0.67%
Durum Wheat Jul 2016Â Â 295.00Â Â +2.00Â Â +0.68%
Durum Wheat Oct 2016Â Â 282.00Â Â +2.00Â Â +0.71%
Barley May 2016  172.00  unch  0.00%
Barley Jul 2016  174.00  unch  0.00%
Barley Oct 2016  174.00  unch  0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2016Â Â 908Â Â +3.25Â Â +0.36%
Soybeans Jul 2016Â Â 916Â Â +3.25 +0.36%
Soybeans Aug 2016Â Â 918.75Â Â +3.25Â Â +0.35%
Soybeans Sep 2016Â Â 918.75Â Â +3Â Â +0.33%
Soybeans Nov 2016Â Â 922.25Â Â +2.75Â Â +0.30%
Soybeans Jan 2017Â Â 927Â Â +2.75Â Â +0.30%
Soybean Meal May 2016Â Â 267.9Â Â -0.8Â Â -0.30%
Soybean Meal Jul 2016Â Â 270.5 -0.7Â Â -0.26%
Soybean Meal Aug 2016Â Â 271.9Â Â -0.7Â Â -0.26%
Soybean Oil May 2016Â Â 34.26Â Â +0.27Â Â +0.79%
Soybean Oil Jul 2016Â Â 34.52Â Â +0.27Â Â +0.79%
Soybean Oil Aug 2016Â Â 34.63Â Â +0.28Â Â +0.82%
Corn May 2016Â Â 358Â Â +1.25Â Â +0.35%
Corn Jul 2016Â Â 360.75Â Â +0.75Â Â +0.21%
Corn Sep 2016Â Â 364.25Â Â +0.5Â Â +0.14%
Corn Dec 2016Â Â 371.5Â Â +0.5Â Â +0.13%
Corn Mar 2017Â Â 381.5Â Â +0.5Â Â +0.13%
Oats May 2016Â Â 183.5Â Â -0.75Â Â -0.41%
Oats Jul 2016Â Â 191Â Â -1.75Â Â -0.91%
Oats Sep 2016Â Â 200.25Â Â -1.5Â Â -0.74%
Oats Dec 2016Â Â 208.5Â Â -2.5Â Â -1.18%
Oats Mar 2017Â Â 213.25Â Â -2.25Â Â -1.04%
Wheat May 2016Â Â 463Â Â -11Â Â -2.32%
Wheat Jul 2016Â Â 469.75Â Â -11Â Â -2.29%
Wheat Sep 2016Â Â 479.5Â Â -10.75Â Â -2.19%
Wheat Dec 2016Â Â 494.25Â Â -10.25Â Â -2.03%
Wheat Mar 2017Â Â 508.5Â Â -9.75Â Â -1.88%
Minneapolis
Spring Wheat May 2016Â Â 516.5Â Â -8.25Â Â -1.57%
Spring Wheat Jul 2016Â Â 525.25Â Â -8Â Â -1.50%
Spring Wheat Sep 2016Â Â 535Â Â -7.25Â Â -1.34%
Spring Wheat Dec 2016Â Â 547.75Â Â -7Â Â -1.26%
Spring Wheat Mar 2017Â Â 560.25Â Â -6.75Â Â -1.19%
Kansas City
Hard Red Wheat May 2016Â Â 461.25Â Â -12.25Â Â -2.59%
Hard Red Wheat Jul 2016Â Â 472.25Â Â -12.75Â Â -2.63%
Hard Red Wheat Sep 2016Â Â 486.5Â Â -12.75Â Â -2.55%
Hard Red Wheat Dec 2016Â Â 507Â Â -12.75Â Â -2.45%
Hard Red Wheat Mar 2017Â Â 519.75Â Â -12.5Â Â -2.35%