Worries that excess moisture will sharply reduce the 2010 canola crop drove Winnipeg canola futures higher on Monday.
The same concern pushed Chicago oat futures up the 20 cent limit and helped Minneapolis spring wheat futures climb.
More rain was in the forecast for Saskatchewan and Manitoba this week.
Rain is also becoming a factor in the U.S. winter wheat belt where it is interfering with harvest. It is getting dry in spring wheat areas of Siberian Russia and Kazakhstan.
July canola rose $6.60 per tonne to $402 on 9,797 trades. Traders rolled many July contracts over to November.
The previous day’s best basis narrowed to -90 cents 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 78, according to BarChart.com. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates over bought.
New crop November canola rose $6.10 to $406.60 per tonne on 17,528 trades.
The Canadian dollar at noon was 97.53 cents US, up from 96.78 cents at noon the previous trading day. The U.S. dollar at noon was $1.0253.
Winnipeg barley July was untraded at $147.50. October was untraded at $145. December was untraded at $150.
Chicago July soybeans rose 5.25 cents to $9.515 US per bushel, new-crop November rose seven cents to $9.1625.
July oats rose the 20 cents limit to $2.47 per bu. December oats also rose 20 cents to $2.48 per bu.
In New York, crude oil for July delivery fell $1.34 to $75.12 per barrel.
