New crop canola futures rose Tuesday, spurred on by thoughts that rain over the past several days might have further limited canola production prospects.New crop values rose despite a surge in the Canadian dollar.July canola fell as those with long positions closed out by selling.July canola fell $6.10 per tonne to $425.20 on 317 trades. The July contract has moved into delivery mode and expires July 14.New crop November canola, the most traded contract, rose $4.40 per tonne to $424.20 on 5,846 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 July canola was 55, according to BarChart.com. November’s RSI was 56. 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 95.26 cents US, up from 93.81 cents at noon the previous trading day. The U.S. dollar at noon was $1.0498 Cdn.Winnipeg July barley was steady at $172 on no trades. October rose $3.50 to $156 and December also rose $3.50 to $156.Chicago July soybeans rose 1.5 cents to $9.6425 US per bushel. New crop November fell 5.75 cents to $9.July oats rose five cents to $2.48 per bu. December oats rose five cents to $2.56 per bu. In New York, crude oil for August delivery fell 16 cents to $71.98 per barrel.The U.S. Department of Agriculture released its weekly crop condition report after the markets closed, which showed that overly wet conditions in the U.S. Midwest are lowering what had been excellent conditions.It put corn at 71 percent good to excellent, down from 73 percent the previous week. Analysts had expected 73 percent. The year ago rating was 71 percent.Soybeans were rated 66 percent good to excellent, down from 67 percent the previous week. Analysts had expected 68 percent. The year ago rating was 66 percent.Chicago wheat rallied one percent on hot dry weather in Western Europe and drought in parts of Russia.
Wet soil supports canola futures
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