Winnipeg canola futures were mixed in light trade, supported by a weak Canadian dollar.
The weak loonie partly offset the negative influence of Chicago soybeans, which fell on worries about demand from China and continued expectations for bumper crops in South America.
The weaker canola price has stimulated buying by crushers and exporters.
March canola rose 40 cents to close at $379.20 per tonne on 5,617 trades.
May fell 10 cents to close at $385.90 on 622 trades.
New crop November closed down 60 cents at $398.70 on 387 trades.
The 14-day Relative Strength Index for March canola Jan. 20 was steady at 16. The rule of thumb is an RSI of 30 indicates an oversold market and 70 indicates overbought.
The Bank of Canada at noon Wednesday said the Canadian dollar was worth 95.44 cents US, down from 96.82 cents the previous trading day. The U.S. dollar was worth $1.0478 Cdn.
The Winnipeg March barley contract was steady at $150 per tonne on no trades. May was also steady at $156 on no trades.
March soybeans fell 13.5 cents to $9.50 US per bushel.
Light crude oil in New York for February delivery fell to $77.62 per barrel, down $1.40.
The loonie fell on lower than expected inflation data for December, which adds weight to views that the economy is recovering only slowly. It also likely means the Bank of Canada will leave interest rates unchanged at historic lows at least until the second half of the year.
The loonie also fell because of U.S. dollar strength. The dollar rose as investors pulled back from commodities, which have been falling in part because of concern over Chinese moves to tighten credit.
As well, a Republican Senate win in the Massachusetts seat formerly held by Ted Kennedy supported the greenback because it could mean the Democrats will not be able to pass the health care reform bill that some believe will push up the U.S. deficit.
