ICE Canola Midday: Canadian oilseed swings higher
U.S. tariffs if imposed, likely won't last long - analyst
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were on the upswing late Wednesday morning in what an analyst called a “short covering bounce.”
The analyst suggested that if the Trump administration does press ahead with their tariffs against Canada next week, those levies won’t be in place for that long – perhaps a couple of months, if that.
In the meantime, there wasn’t much support for canola coming from comparable oils. European rapeseed turned mixed, Malaysian palm oil was relatively steady and the Chicago soy complex was lower. Crude oil was hovering either side of unchanged, which provided little direction to the vegetable oils.
The May canola contract was close to the 20-day moving average but still remained above its other major averages.
The Canadian dollar stepped back at mid-session Wednesday, with the loonie slipping to 69.71 U.S. cents compared to Tuesday’s close of 69.99.
Approximately 19,500 canola contracts were traded as of 10:41 am CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 649.90 up 3.60 May 662.70 up 5.70 Jul 669.30 up 5.70 Nov 651.80 up 4.10
