November canola gained about one percent on Thursday, lifted by talk of a sale to China, a weaker loonie and support from soybeans.
Canola also was supported by ideas that previous losses were overdone.
At one point November traded just over $500 a tonne but it closed at $498.70, up $5.40.
Soybeans closed higher, supported by stronger than expected weekly export sales, tightness in the cash market and a risk premium to account for the potential for weather problems in August when soybean yields are established.
Soy oil weekly export sales also topped expectations.
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The International Grains Council (IGC) on Thursday trimmed its global wheat output projection for 2015-16 to 710 million tonnes, down from a previous forecast of 711 million and the 2014-15 crop of 721 million, on reduced prospects in Canada.
However, with large carry in stocks, the total supply of wheat in 2015-16 will be little changed.
Corn bounced about 1.5 percent higher on commercial buying interest, but generally good growing conditions in the Midwest kept a lid on increases.
The U.S. reported its economy grew at a 2.3 percent annual rate in the second quarter. The growth was modest, but it reinforced statements from the U.S. Federal Reserve on Wednesday that kept the door open to an interest rate hike this fall instead of an early winter increase.
Light crude oil nearby futures in New York was down 27 cents to US$48.52 per barrel.
The Canadian dollar at noon was US76.77 cents, down from 77.56 cents the previous trading day. The U.S. dollar at noon was C$1.3026.
North American stock markets were trading modestly higher in afternoon trade.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 498.70 +5.40 +1.09%
Canola Jan 2016 496.50 +4.40 +0.89%
Canola Mar 2016 494.70 +3.50 +0.71%
Canola May 2016 490.40 +3.20 +0.66%
Canola Jul 2016 485.30 +3.70 +0.77%
Milling Wheat Oct 2015 217.00 -1.00 -0.46%
Milling Wheat Dec 2015 217.00 -1.00 -0.46%
Milling Wheat Mar 2016 221.00 -1.00 -0.45%
Durum Wheat Oct 2015 335.00 unch 0.00%
Durum Wheat Dec 2015 345.00 unch 0.00%
Durum Wheat Mar 2016 360.00 unch 0.00%
Barley Oct 2015 208.10 unch 0.00%
Barley Dec 2015 208.10 unch 0.00%
Barley Mar 2016 210.10 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2015 990.25 +7.25 +0.74%
Soybeans Sep 2015 964.5 +7.5 +0.78%
Soybeans Nov 2015 950 +6.75 +0.72%
Soybeans Jan 2016 955.25 +6.5 +0.69%
Soybeans Mar 2016 953.25 +6 +0.63%
Soybeans May 2016 949.75 +5.75 +0.61%
Soybean Meal Aug 2015 357.1 +7.1 +2.03%
Soybean Meal Sep 2015 342.7 +4.6 +1.36%
Soybean Meal Oct 2015 330.5 +2.3 +0.70%
Soybean Oil Aug 2015 30.28 +0.07 +0.23%
Soybean Oil Sep 2015 30.4 +0.08 +0.26%
Soybean Oil Oct 2015 30.51 +0.09 +0.30%
Corn Sep 2015 373.25 +5.5 +1.50%
Corn Dec 2015 383.75 +5.5 +1.45%
Corn Mar 2016 394.75 +5.75 +1.48%
Corn May 2016 401 +5.5 +1.39%
Corn Jul 2016 406.25 +5.25 +1.31%
Oats Sep 2015 235 +6.5 +2.84%
Oats Dec 2015 246.5 +6.5 +2.71%
Oats Mar 2016 257.5 +6 +2.39%
Oats May 2016 262.25 +6 +2.34%
Oats Jul 2016 263.25 +6 +2.33%
Wheat Sep 2015 496.5 +0.25 +0.05%
Wheat Dec 2015 504.25 -1 -0.20%
Wheat Mar 2016 511.25 -1.75 -0.34%
Wheat May 2016 515.5 -2.25 -0.43%
Wheat Jul 2016 518.75 -2.5 -0.48%
Minneapolis
Spring Wheat Sep 2015 526.75 -2.75 -0.52%
Spring Wheat Dec 2015 543.75 -2.75 -0.50%
Spring Wheat Mar 2016 560.5 -2.75 -0.49%
Spring Wheat May 2016 571.75 -2.5 -0.44%
Spring Wheat Jul 2016 581.75 -2 -0.34%
Kansas City
Hard Red Wheat Sep 2015 491 -4.25 -0.86%
Hard Red Wheat Dec 2015 510.75 -4 -0.78%
Hard Red Wheat Mar 2016 525 -4 -0.76%
Hard Red Wheat May 2016 534.75 -3.75 -0.70%
Hard Red Wheat Jul 2016 543.5 -3.25 -0.59%
