Winnipeg canola road the coattails of sharply higher Chicago soybean futures on Tuesday.
Signs of stronger U.S. economic growth that lessened investors’ worries about risk buoyed soybeans and other crop futures. Money moved out of the U.S. dollar and into commodities and equities.
Oil futures jumped almost four percent higher, adding support for oilseeds and grain.
Short covering, the buying back of positions sold at higher prices, also supported the oilseed market.
There is some concern that parts of Argentina are getting too much rain.
March canola more than gained back the ground lost on Friday. The price rose $5.60 to close at $385.30 per tonne on 6,018 trades.
May rose $5.50 to $391.70 on 6,558 trades. New crop November rose $7.20 to $404.20 per tonne on 875 trades.
The Canadian dollar at noon Tuesday was 95.91 cents US, up from 95.42 cents at noon Monday and 94.96 on Friday. The U.S. dollar at noon was $1.0426 Cdn.
The Winnipeg March barley contract fell $1 to $142.50 per tonne with 108 trades. May fell $1 to $151 on no trades.
March soybeans rose 20.5 cents to $9.655 US per bushel. November soybeans rose 19 cents to $9.41 per bu.
Light crude oil in New York for March delivery closed at $77.01 US per barrel, up $2.88.
