Winnipeg canola futures rose Tuesday as investors covered shorts and technical traders eased selling.
The Chicago soybean market, which was closed Monday, fell Tuesday.
March canola rose $2.20 to close at $378.80 per tonne on 8,512 trades.
May rose $2 to close at $386 on 1,495 trades.
New crop November closed up $2 at $399.30 on 1,558 trades.
The 14-day Relative Strength Index for March canola Jan. 19 fell to 16. The rule of thumb is an RSI of 30 indicates an oversold market and 70 indicates overbought.
The Bank of Canada at noon Tuesday said the Canadian dollar was worth 96.82 cents US, down from 97.55 cents the previous trading day. The U.S. dollar was worth $1.0328 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 10.5 cents to 9.635 US per bushel.
Light crude oil in New York for February delivery rose to $78.86 per barrel, up 86 cents.
Oil World increased its forecast of South American soybean crops, and they are now close to U.S. Department of Agriculture forecasts.
Oil World estimated Argentina will produce 51 million tonnes, up from 32 million last year.
It put Brazil’s crop at 64 to 65 million tonnes, up from 57.4 million last year.
Paraguay is forecast to produce 6.9 million tonnes, up from three million tonnes in 2009, and Uruguay was set at 1.7 million tonnes, up from 540,000 tonnes.
