Winnipeg canola began September with another rise, to $464.80 per tonne, on the November canola futures contract, a rise of $2.80 from the previous close.Canola’s strength was in contrast to Chicago soybeans, which fell three cents to $10.06 per bushel, but moved with Chicago soybean oil, which rose 14 cents to close at 40.19 cents.Traders said canola’s relative strength compared to other oilseeds was mostly due to the questionable harvesting conditions on the Prairies, with cool, wet weather in the eastern prairies continuing to alarm some with the threat of frost.Canola opened in Winnipeg at $460, hit a peak of $466.20 during the day and reached a low of $458.40, before settling near the top of the day’s range.Corn rose almost seven cents to $4.46 per bushel while Chicago wheat jumped almost 23 cents to $7.08, continuing the volatility that has dominated the wheat market in recent weeks.Benign economic data in the U.S. led to a big U.S. stock market rally, with the Dow Jones Industrial Average surging by 2.48 percent to 10,263, well above the 10,000 line it has recently been dallying with.Toronto’s TSX was up much less, reaching 11,981 by an increase of 0.57 percent.Oil surged $2.05 per barrel to $73.97, while gold fell two dollars per ounce to $1,246.The Canadian dollar rose to 94.99 cents compared to the U.S. dollar, a reversal of its recent weakness and mostly attributable to the strength of oil.
Canola remains strong to start month
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