Winnipeg canola futures rose Tuesday, the first day of trade after the Christmas and Boxing Day holidays, playing catch up to Chicago soybeans, which traded Monday.
Soybeans rose on lack of hedge activity and expectations that funds will rebalance their portfolios early in the new year and put more money into grain futures.
January canola settled at $404.50 per tonne, up $5.80 from Dec. 24 on a volume of 1,254 contracts.
March rose $7.20 to close at $410.80 per tonne on a volume of 8,263 contracts.
May rose $6.80 to $416.70.
The Bank of Canada at noon Tuesday said the Canadian dollar was worth 96.11 cents US, up from 95.35 cents Dec. 24. The U.S. dollar was worth $1.0405 Cdn.
The Winnipeg January barley contract fell $4 to $152 per tonne and March was up $2 at $158.
Chicago January soybeans rose nine cents to $10.38 US per bushel.
Recent showers in Argentina bode well for the soybean crop there.
Crude oil traded near $79 a barrel Tuesday in New York as the market weighed gains in the American dollar against strong U.S. consumer confidence data and colder U.S weather.
U.S. consumer confidence in December hit a three month high as people became more confident about the job market.
