ICE Midday: Canola rises as global markets tumble

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market was making gains at mid-session Thursday after the oilseed was exempt from the global tariff scheme United States President Donald Trump announced on Wednesday.

An analyst said canola is rising when the market is the most “price-friendly” seasonally. Should Canada and China come to an agreement regarding the latter’s tariffs on canola meal and oil, canola futures could rise further, but there is speculation that the seed could be levied in the coming month.

Global markets tumbled, showing sharp losses in Chicago soyoil, European rapeseed and Malaysian palm oil. Crude oil lost US$5 per barrel.

The Canadian dollar was up more than one U.S. cent compared to Wednesday’s close.

About 53,900 contracts have traded at 10:14 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

May 641.50     up 15.00

Jul 645.70     up 14.00

Nov 631.60     up  3.10

Jan 639.30     up  2.30