ICE Midday: Canola rising despite veg oil declines

Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange made modest gains in the middle of trading on Wednesday despite weakness in vegetable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil were in negative territory. However, crude oil gained more than US$1 per barrel after United States President Donald Trump announced a new trade deal with China.

An analyst said that canola’s gains may be short-lived due to vegetable oil weakness, adding that upcoming rains in Alberta would also pressure prices.

The Canadian dollar is up one-tenth of a U.S. cent compared to Tuesday’s close.

About 21,000 canola contracts have traded at 10:08 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Jul 714.00     up  4.80

Nov 694.20     up  3.00

Jan 702.00     up  3.60

Mar 706.90     up  2.70