ICE Midday: Canola makes gains despite comparable oil weakness

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market was making small gains at midday on Thursday despite getting little support from comparable oils.

Chicago soyoil and Malaysian palm oil were down, while European rapeseed was mixed. Crude oil was also lower after reports suggested that OPEC+ could further raise output in July.

A massive spending bill passed by the United States House of Representatives this morning includes new policies for biofuels. An analyst said if the bill does not pass the Senate, it would put the U.S. biofuel industry “into limbo”.

The Canadian dollar was down more than one-tenth of a U.S. cent compared to Wednesday’s close.

About 23,500 canola contracts have traded at 10:19 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Jul 716.40     up  0.40

Nov 687.20     up  1.20

Jan 693.80     up  1.40

Mar 699.70     up  1.50