A weaker loonie and talk of new export business supported canola futures Tuesday.
Reluctance of farmers to deliver at these prices also supported futures. Basis improved Monday. The Winnipeg ICE exchange daily cash price report put the basis at -$5.49 for Monday, compared to -$10 on Friday.
Oilseed analyst Oil World said it expects a jump in canola exports this month compared to January.
Soybeans rose sharply in the middle of the day but fell back late on profit taking to close lower.
March canola futures Tuesday closed up 20 cents at $384.90 per tonne on 8,062 trades.
May rose 60 cents to $392.60 on 11,494 trades. New crop November rose $1.90 to $403.50 per tonne on 1,009 trades.
The Canadian dollar at noon Tuesday was 95.08 cents US, down from 95.90 cents at noon the previous trading day. The U.S. dollar at noon was $1.0517 Cdn.
The Winnipeg March barley contract rose $1.70 at $143 per tonne with no trades. May rose $1 to $152 on 20 trades.
March soybeans fell nine cents to $9.525 US per bushel. November soybeans rose 8.5 cents to $9.2725 per bu.
Light crude oil in New York for April delivery settled at $78.86 per barrel, down $1.45 from the previous close.
