Talk of new canola exports and stronger soybean futures lifted canola futures on Thursday.
Dubai is thought to be the canola buyer.
Soybeans were also supported by strong weekly export business.
Oilseeds were capped by the improved outlook for Argentine soybeans. The Buenos Aires Grains Exchange said recent rains have kept the forecast stable at 47 million tonnes.
Key yield-setting stages are still ahead, but recent rain has reduced worries.
Wheat futures edged lower on profit taking, despite good U.S. weekly exports.
The Canadian Wheat Board released its January Pool Return Outlook. Wheat is up between $5 and $19 per tonne, durum is up between $3 and $17, malting barley is up $2, Pool A feed barley is up $2 and Pool B is up $10.
The CWB said today it was unable to fill a recent wheat tender from Japan because of inadequate supply of high protein grain.
Canada and Morocco said they will start talks on a free-trade agreement, a deal that the Canadian Wheat Board says is vital to maintaining its sales of durum wheat.
In Winnipeg on Wednesday, March canola rose $2.70 to $597.20 on 11,364 trades.
May rose $2.70 to $605.90 on 5,488 trades.
The new crop November 2011 contract rose $6.40 to $570.40.
The previous day’s best basis narrowed to $28 under the March contract according to ICE Futures Canada in Winnipeg.
The March contract 14-day Relative Strength Index was 58. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.
March barley futures were steady and untraded at $194. May was steady at $200 per tonne.
Chicago March soybeans rose 14 cents to $13.995 per bushel.
March corn fell seven cents to $6.5075 per bu.
March oats rose two cents to $3.90 per bu.
March Minneapolis hard spring wheat fell one cent to $9.76 per bu.
In New York, crude oil for March delivery fell $1.69 to $85.64 US per barrel.
The Canadian dollar at noon was $1.0059 US, up from 1.0047 cents the previous trading day. The U.S. dollar at noon was 99.41 cents Cdn.
The Toronto Stock Exchange composite index fell 55.55 points to 13,410.20. (There was an error in Wednesday’s report. It should have said the market closed at 13,465.75.)
Standard & Poor’s 500 Index rose 2.91 points to 1,299.54.
