ICE Midday : Canola, Veg Oils Rebound

WINNIPEG, Manitoba--The ICE Futures canola market is turning around on Tuesday, making gains while going along with vegetable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil reversed their fortunes by moving higher. However, crude oil was lower due to a stronger United States dollar and weaker demand.

The Canadian dollar was down nearly two-tenths of a U.S. cent compared to Monday's close. Statistics Canada reported today that the country's annual inflation rate dropped to 2.7% in June, raising the chances of a key interest rate cut next week.

One analyst said the direction of soybeans' next major price movement will determine where canola prices will go.

About 26,200 contracts have traded at 11:06 ET. Prices in Canadian dollars per metric ton:

Canola 
       Price    Change 
Nov    625.00   up 9.50 
Jan    632.40   up 8.10 
Mar    637.70   up 7.00 
May    642.60   up 6.50 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

07-16-24 1137ET