Winnipeg canola futures rose on Monday on the strength of firm Chicago soybeans and crude oil.
January canola settled Monday at $408.80 per tonne, up 90 cents from Friday on a volume of 10,788 contracts.
March rose $1.20 to close at $415.70 per tonne on a volume of 5,224 contracts.
The Bank of Canada at noon Monday said the Canadian dollar was worth 94.57 cents US, up from 94.13 cents on Friday. The U.S. dollar was worth $1.0574 Cdn.
The Winnipeg January barley contract rose $2.50 to $160.50 per tonne with 15 trades. March rose $2.50 to $162 per tonne with no trades.
The Canadian National locomotive engineers’ strike weighed on the market but there was optimism that the federal government would soon end the work stoppage.
The January soybeans contract rallied 7.5 cents to $10.605 US per bushel on month-end buying and U.S. dollar weakness.
The European Commission approved a genetically modified corn variety on Monday. The variety had been the source of the unapproved GM content that blocked U.S. soybean shipments to the European Union this fall. Now that it has been approved, shipments should resume.
Crude oil prices rose more than $1 per barrel on Monday on the weak U.S dollar and the detainment of five Britons in Iran, after their racing yacht strayed into Iranian waters.
