The weaker Canadian dollar supported Winnipeg canola futures on Monday, as did stronger soybeans.
Worries about Greece’s debt and the European Union’s reluctance to back it sent investors to the relative safety of the U.S. dollar.
Canola buying picked up as crushers covered their needs.
The May canola contract rose $3.30 to $381.10 per tonne on 5,847 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 44, according to BarChart.com. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates over bought.
July rose $3.20 to $386.500 on 2,493 trades.
New crop November rose $2.70 to $387.50 per tonne on 2,106 trades.
The Canadian dollar at noon was 98.11 cents US, down from 98.47 cents at noon the previous trading day. The U.S. dollar at noon was $1.0193 Cdn.
The Winnipeg May barley contract was steady at $154 on no trades and only 11 open interest contracts. July was steady at $145. December was steady at $150.
May soybeans rose 6.75 cents to $9.685 US per bushel. November soybeans rose 3.75 cents to $9.4575 per bu.
May oats fell six cent to $2.185 US per bu.
Light crude oil for May delivery rose 63 cents to $81.60 US per barrel.
In the week ending March 17, Canadian Oilseed Processors Association members crushed 110,209 tonnes of canola, an increase of 8.2 percent over the week before.
That raised the crush capacity use to almost 86 percent from 79 percent the week before.
For the year to date, the crush reached 2.6 million tonnes, moving past last year’s pace for the first
