Canola posted gains again on Friday, supported by rising European rapeseed futures and forecasts for more rain in Western Canada.
Areas of southern Saskatchewan and Manitoba are expected to get close to an inch of rain on Monday. Southern areas are having the most delays in seeding.
July canola rose $7.60 to $599.70 per tonne.
On the week, July rose $22.60 per tonne. November rose $19.50.
Drought in April and May has caused huge damage to Germany’s 2011 rapeseed crop, which may slump almost 23 percent or 1.3 million tonnes on the year to 4.4 million tonnes. Dry weather is also hurting France’s rapeseed crop.
Soybean futures fell on forecasts for drier weather in the Midwest next week, which should allow better seeding progress.
Wheat futures rose on continuing concern about dry weather in the U.S. southern plains and Western Europe and seeding delays in Canada and North Dakota.
Limiting gains are good growing conditions in Ukraine.
Russia is expected to make an announcement about its ban on exports on Saturday. The agriculture industry has lobbied to lift the ban because production prospects this year are good.
Corn was supported by tight stocks and slow farmer deliveries as they concentrate on seeding.
Monday is the Memorial Day holiday in the United States and futures markets will be closed.
The Canadian Oilseed Processors Association reported members crushed 116,718 tonnes of canola in the week ending May 25 up about nine percent from the week before.
Winnipeg (per tonne)
Canola Jul 11 $599.70, up $7.60
Canola Nov 11 $602.80, up $9.20
Canola Jan 12 $609.90, up $10.00
Canola Mar 12 $615.30, up $11.80
The previous day’s best basis was $18 under the July contract according to ICE Futures Canada in Winnipeg.
The July contract’s 14-day Relative Strength Index was 66. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market
Western Barley Jul 11 205.00s unchanged
Chicago (per bushel)
Soybeans Jul 11 $13.7975, down 5.0 cents
Soybeans Aug 11 $13.7575, down 5.25
Soybeans Nov 11 $13.68-4, down 4.0
Corn Jul 11 $7.585, up 13.0
Corn Dec 11 $6.84, up 7.75
Oats Jul 11 $3.8275, up 4.75
Oats Dec 11 $3.9775, up 4.75
Minneapolis (per bushel)
Spring Wheat Jul 11 $10.5625, up 10.5 cents
Spring Wheat Sep 11 $10.1875, down 3.25
Spring Wheat Dec 11 $10.1925, down 6.5
Light crude oil nearby futures in New York rose 36 cents to $100.59 US per barrel.
The Canadian dollar at noon was $1.0234 US, up from $1.0195 the previous trading day. The U.S. dollar at noon was 97.71 cents Cdn.
The Toronto Stock Exchange composite index closed up 21.69 points, or 0.16 percent, 13,797.59.
The Standard and Poor’s 500 index rose 5.41 points, or 0.41 percent, to close at 1,331.10.
