Canola future rose a little on Wednesday on good crusher demand and stronger soybeans, but gains were limited by commercial hedging pressure.
Weak export demand also weighed on canola.
Soybeans rose on good demand from crushers and slow farmer selling. Tight basis for soybeans indicates that supply in the commercial pipeline is getting short.
March canola rose 30 cents to close at $386.20 per tonne on 7,887 trades.
May rose 30 cents to $392.40 on 5,214 trades. New crop November rose 10 cents to $404.60 tonne on 387 trades.
The Canadian dollar at noon Wednesday was 93.71 cents US, up slightly from 93.55 cents at noon the previous trading day. The U.S. dollar at noon was $1.0671 Cdn.
The Winnipeg March barley contract was steady at $149 per tonne with no trade. May was steady at $154 on no trade.
March soybeans rose 13 cents to $9.375 US per bushel. November soybeans were up three cents to $9.155 per bu.
Light crude oil in New York for March delivery closed at $74.51 US per barrel, up 76 cents.
While canola exports in January were similar to the pace set in that month in 2009, movement has slowed in February.
Reports for Vancouver show ships loading or to arrive to take on canola in the period Feb. 2 to Feb. 25 last year totalled a little more than 508,000 tonnes but only about 325,000 this year.
