Commodities generally rallied on the basis of a weaker U.S. dollar and the support spilled over into canola futures.
Investors shifted money from the safety of the greenback into other currencies after China did not raise interest rates over the weekend. There had been worries that it would raise rates to cool inflation in a red hot economy.
Malaysian palm oil futues reached new 30 month highs on thoughts that excess rain would curb December production.
More rain in parts of eastern Australia this weekend further damaged grain crops.
In Winnipeg, the January canola contract rose $5.50 to $570.90 per tonne on 7,535 trades.
The March contract rose $5.50 to $578.80 on 8,726 trades.
The November 2011 contract rose $3.30 to $518.80.
The previous day’s best basis was $24 under the nearby contract.
The January contract 14-day Relative Strength Index was 69. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.
December barley futures were steady at $188 per tonne. March was steady at $194.
Chicago January soybeans rose 29.5 cents to $13.025 US per bushel.
December corn rose 15 cents $5.7525 per bu. March rose 14.25 cents to $5.885
March oats rose six cents to $3.91 per bu. Thinly traded December fell nine cents to $3.91.
December Minneapolis hard spring wheat rose 4.5 cents to $8.5875 per bu. March rose 1.5 cents to $8.71.
In New York, crude oil for January delivery rose 82 cents to $88.61 US per barrel.
The Canadian dollar at noon was 99.54 cents US, up from 99.08 cents the previous trading day. The U.S. dollar at noon was $1.0046.
The TSX composite index rose 56.39 points to close at 13,295.86.
The Standard & Poor’s 500 rose 0.06 points to 1,240.46.
