ICE Midday : Canola Surges to Start July

WINNIPEG, Manitoba--ICE Futures canola market came out of the Canada Day weekend with a huge boost from vegetable oils.

August soyoil was up one United States cent per pound, while European rapeseed and Malaysian palm oil also rose sharply. Crude oil was slightly higher due to tensions in the Middle East and the start of hurricane season in the Atlantic.

The Canadian dollar was down less than one-tenth of a U.S. cent compared to Friday's close.

One analyst said palm oil hit two-month highs on speculation Indonesia will issue tariffs on Chinese goods. There was also talk Europe bought Canadian canola in recent days.

About 41,900 contracts have traded at 11:10 ET. Prices in Canadian dollars per metric ton:

Canola 
        Price    Change 
Nov     649.60   up 22.50 
Jan     657.20   up 22.30 
Mar     662.70   up 20.90 
May     667.90   up 21.40 
 

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

(END) Dow Jones Newswires

07-02-24 1138ET