ICE Midday: Canola maintains its sharp gains

Glacier FarmMedia | MarketsFarm – Multiple factors are extending canola’s rally on the Intercontinental Exchange mid-session Wednesday.

An analyst said newfound optimism over Canada-United States trade is still underpinning prices, but also spillover from rising comparable oils and dry areas on the Prairies.

Chicago soyoil, European rapeseed and Malaysian palm oil were higher to go with modest gains in crude oil.

The Canadian dollar was up less than one-tenth of a U.S. cent compared to Monday’s close. The Bank of Canada was closed on Tuesday due to Canada Day.

U.S. markets will be closed on Friday due to Independence Day.

About 28,000 canola contracts have traded at 10:11 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Nov 732.20     up 22.50

Jan 739.00     up 20.70

Mar 744.20     up 18.70

May 747.90     up 16.10