A weaker Canadian dollar made canola look more attractive to domestic and export buyers, causing the Winnipeg canola futures contract to rise.
The most active July canola contract rose $2.80 to $375.60 per tonne on 7,478 trades.
The previous day’s best basis improved to -$3.75 per tonne off the July contract in the par region, according to the Winnipeg ICE Futures daily report.
The 14-day Relative Strength Index for July canola was steady at 34, according to BarChart.com. The rule of thumb is that an RSI of 30 indicates an oversold market and 70 indicates overbought.
New crop November rose $4.60 to $383.30 per tonne on 7,674 trades.
The Canadian dollar at noon was 95.10 cents US, down from 96.81 cents at noon the previous trading day. The U.S. dollar at noon was $1.0515 Cdn.
The euro rose on talk that European central banks might take action to support the beleaguered currency.
Winnipeg barley contracts were again untraded. July was steady at $145.50. December was steady at $150.
Chicago July soybeans fell one cent US to $9.385 per bushel, while new crop November fell 7.75 cents to $9.0575.
May oats rose 2.25 cents to $1.9525 per bu. December oats rose 2.25 cents to $2.14 per bu.
In New York, crude oil for June delivery rose 46 cents to $69.87 per barrel.
Bloomberg reported that heavy rain and snow in recent days might reduce China’s rapeseed crop.
It quoted Li Qiang, managing director of Shanghai JC Intelligence Co., as saying the rapeseed crop might fall to less than 10 million tonnes from 11 million last year.
Many areas of China have seen heavy rain, hail and snow in recent days.
