The weaker Canadian dollar offset other downward pressure on oilseed prices, causing Winnipeg canola futures to edge slightly higher.
The key factor in the market was the stronger U.S. dollar, which gained as investors fled the euro after Portugal suffered a debt downgrade and European officials failed to agree on how to help debt-stricken Greece.
Crude oil fell as a result of the stronger U.S. dollar and a government inventory report that showed U.S. crude stocks rose last week.
Oilseeds are generally on the defensive because of large South American soybean crops and improving weather in the United States that should allow seeding to begin.
The May canola contract rose 30 cents to $380.30 per tonne on 7,658 trades. The previous day’s best basis widened to -$10 per tonne off the May contract in the par region, according to the Winnipeg ICE Futures daily report. Some crushers offer stronger basis.
The 14-day Relative Strength Index for May canola rose to 49, according to BarChart.com. The rule of thumb is an RSI of 30 indicates an oversold market and 70 indicates overbought.
July rose 10 cents to $386.10 on 1,695 trades.
New crop November rose 10 cents to $388.90 per tonne on 988 trades.
The Canadian dollar at noon was 97.53 cents US, down from 98.25 cents at noon the previous trading day. The U.S. dollar at noon was $1.0267 Cdn.
There was no trade in Winnipeg barley and only 26 open interest contracts: 11 in May, five in July and 10 in December.
The May contract was steady at $154. July was steady at $145. December was steady at $150.
May soybeans fell eight cents to $9.60 US per bushel. November soybeans fell 8.75 cents to $9.2725 per bu.
May oats fell 1.5 cents to $2.15 per bu.
Light crude oil for May delivery fell $1.30 to $80.61 per barrel.
