ICE Midday : Canola Continues to Move Upwards

WINNIPEG, Manitoba--The ICE Futures canola market consolidated Tuesday's gains with help from vegetable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil were all showing gains in the middle of trading on Wednesday. However, crude oil prices were slightly lower despite an expected draw in United States stockpiles. The U.S. markets will be closed for most of Thursday due to Independence Day.

The Canadian dollar was up one-third of a U.S. cent compared to Tuesday's close, bringing pressure to canola prices.

One analyst said short-covering in Chicago soyoil and Indonesia's simmering trade war with China are supporting canola prices, with the November contact possibly testing resistance at C$700 per tonne in the future.

About 36,100 contracts have traded at 10:12 CDT. Prices in Canadian dollars per metric tonne:

 
        Price   Change 
   Nov  653.40  up 2.40 
   Jan  661.70  up 3.30 
   Mar  667.60  up 3.30 
   May  673.70  up 5.60 
 

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

(END) Dow Jones Newswires

07-03-24 1142ET