Oilseeds gained a little on Monday in light trade despite the weight of negative fundamental news related to the big South American soybean crop.
Soybeans were supported by a round of short covering.
Canola was supported by talk that China will buy canola in the coming weeks.
The market has little new news to trade on and is waiting for the U.S. Department of Agriculture report on supply and demand report on Wednesday.
March canola futures on Monday rose $2.20 to $385.60 per tonne on five trades. The March contract is in delivery mode and there is no open interest.
The most active May contract rose $2.20 to $384.60 on only 3,407 trades. The previous day’s best basis narrowed to -$6.75 per tonne off the May contract, according to the Winnipeg ICE Futures daily report. Some crushers are said to have better basis levels than that.
The 14-day Relative Strength Index for May canola was 36, according to BarChart.com. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates over bought.
New crop November rose $2.20 to $393.90 per tonne on 457 trades.
The Canadian dollar at noon Monday was 97.22 cents US, steady with 97.22 cents at noon the previous trading day. The U.S. dollar at noon was $1.0286 Cdn.
The lightly traded Winnipeg March barley contract soared up $9.50 to $151 per tonne with no trades. May also jumped $9.50 to $155 on 45 trades. The small volume helped to magnify the increase.
May soybeans rose 5.25 cents to $9.48 US per bushel. The May contract is below all moving averages. November soybeans rose six cents to $9.31 per bu.
March oats settled at $2.205 per bu.
Light crude oil for April delivery in New York rose 37 cents to $81.87 US per barrel.
