Winnipeg canola futures rose Tuesday, lifted by slightly stronger soybean and crude oil prices.
The rise was limited by hedging activity and a stronger Canadian dollar.
January canola closed at $413.30 per tonne, up $3.30 on 164 trades.
March rose 50 cents to close at $413.30 on 8,632 trades.
May rose 30 cents to close at $420.10 on 1,940 trades.
The Bank of Canada at noon Tuesday said the Canadian dollar was worth 96.41 cents US, up from 96.36 cents Jan. 4. The U.S. dollar was worth $1.0372 Cdn.
The Winnipeg January barley contract closed unchanged at $160. March closed unchanged at $156.80. It was the second day with no trade in barley contracts.
Chicago March soybeans, the most active month, rose three cents to $10.61 US per bushel.
Crude oil in New York closed at $81.77 per barrel, up 26 cents.
The Canadian Oilseed Processors Association said 79,111 tonnes of canola were processed in the week ending Dec. 30, up 8.3 percent from the previous week.
The crush capacity utilization rate was 76.1 percent, up slightly from the week before but down from 88.6 percent in the same week last year.
In the year to date, crushers have processed 1.6 million tonnes of canola compared to 1.71 million tonnes in the same period last year.
Some Chinese market watchers believe the amount of U.S. soybeans set to arrive between December and March to be excessive by two to three million tonnes.
China expects the country will import 12 million tonnes of soybeans in the January to March quarter, up from 8.4 million tonnes last year. However, this year the Chinese government is offering subsidies to crushing plants that use domestically grown soybeans, and that could reduce the need for imports.
