ICE Midday: Canola rises with crude, palm oils

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market showed gains in the middle of trading on Monday, deriving strength from vegetable and crude oils.

Malaysian palm oil sharply rose while crude oil was up more than US$1 per barrel after United States President Donald Trump warned buyers of Russian oil with tariffs and threatened Iran with military action. Meanwhile, Chicago soyoil was steady and European rapeseed was lower.

One analyst said the rise in crude oil was lifting vegetable oil prices and if the May canola contract gets to above C$620 per tonne, it could trigger a selloff. However, it depends on whether the U.S. will impose tariffs on Canadian imports starting Wednesday.

The Canadian dollar was down nearly four-tenths of a U.S. cent compared to Friday’s close.

About 22,900 contracts have traded at 10:18 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

May 616.40     up  3.00

Jul 623.00     up  4.70

Nov 621.70     up  9.50

Jan 630.30     up  9.70