Outside markets determined the direction in Winnipeg canola futures today, lifting the November contract by $3.30 per tonne.
The U.S. Commerce Department released a gross domestic product report showing that the U.S. economy grew at a better than expected 3.5 percent during the third quarter.
That cheered investors, who in recent days had questioned the strength and sustainability of the recovery.
Equity markets and crude oil jumped higher on the news and with equities and the U.S. dollar in an inverse relationship these days, the greenback fell.
The lower U.S. dollar helped spark the rally in Chicago soybeans, corn and wheat.
On the other hand, the stronger Canadian dollar limited the rise in canola.
The Saskatchewan government crop report released today said that in the last week harvest had advanced by only two percentage points to 79 percent.
By crop, the Saskatchewan harvest was at follows: spring wheat 78 percent; durum 91 percent; oats 59 percent; barley 86 percent; flax 33 percent; canola 69 percent.
At noon, the Bank of Canada said the Canadian dollar was worth 93.41 cents US up from 92.97 on Wednesday. The U.S. dollar was worth $1.0705 Cdn.
November canola gained $3.30 to settle at $390.70 per tonne on volume of 2,385 contracts.
January rose $3.70 to settle at $397.70 with a volume of 7,679 contracts.
March closed at $403.80, up $3.40, on a volume of 229 trades.
Canola has now regained about half the ground lost when China announced it would accept only blackleg-free seed.
November barley fell $2 to close at $165 per tonne. January closed steady at $158.50.
