Problems with logistics in moving the South American soybean crop supported Chicago soybean prices, which helped lift Winnipeg canola futures.
Commercials were buying canola and speculation was that they were hedging recent exports sales to Mexico.
Crude oil gained, supporting vegetable oil prices.
The rising Canadian dollar limited the gains.
The May canola contract rose $3.30 to $377.30 per tonne on 6,492 trades. The previous day’s best basis was steady at -$7.75 per tonne off the May contract in the par region, according to the Winnipeg ICE Futures daily report.
The 14-day Relative Strength Index for May canola rose to 32, according to BarChart.com. The rule of thumb is an RSI of 30 indicates an oversold market and 70 indicates overbought.
July rose $3.30 to $382.60 on 2,041 trades.
New crop November rose $1.70 to $385.10 per tonne on 1,897 trades.
The Canadian dollar at noon was 98.54 cents US, up from 97.88 cents at noon the previous trading day. The U.S. dollar at noon was $1.0148 Cdn.
The Winnipeg barley market again saw no action. May barley was steady at $154 on no trades and only 11 open interest contracts. December was steady at $150.
May soybeans rose 15 cents to $9.45 US per bushel. November soybeans rose 12 cents to $9.26 per bu.
May oats rose two cents to $2.18 per bu.
Light crude oil for April delivery rose $1.90 to $81.70 per barrel as the U.S. dollar fell and analysts speculated that OPEC members would not increase production when they meet Wednesday.
