New crop canola futures edged higher in light trade on Monday.
Crop condition remains a concern. A lot of the crop is flowering and hotter weather is forecast.
A slightly weaker Canadian dollar lent support.
Old crop soybeans rose on lack of farmer selling but new crop months edged lower on improving Midwest weather.
After the market closed, U.S. Department of Agriculture lowered its soybean good-to-excellent rating to 65 from 66 the week before.
Corn good-to-excellent improved to 73 from 71 last week.
July canola fell $3 per tonne to $435.70 on 112 trades. The July contract is in delivery mode and expires July 14.
Benchmark new crop November canola rose $1.20 to $435.90 on 6,338 trades.
The January contract rose $1.40 to $435.30 on 103 trades.
The previous day’s best basis was $3 per tonne off the November contract in the par region, according to the Winnipeg ICE Futures daily report.
The 14-day Relative Strength Index for November was 68 according to BarChart.com. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.
The Canadian dollar at noon was 96.35 cents US, down from 96.82 cents at noon the previous trading day. The U.S. dollar at noon was $1.0379.
Winnipeg July barley was steady and untraded at $172. October was steady at $156.50 and December was $156.50.
Chicago July soybeans rose 6.25 cents to $10.3175 US per bushel; new-crop November fell 2.25 cents to $9.51.
July oats fell 11 cents to $2.47 per bu. December oats also fell 11 cents to $2.6025 per bu.
In New York, crude oil for August delivery fell $1.14 to $75.95 US per barrel.
