ICE Midday: Canola steady to higher

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market was steady in nearby contracts and higher in the deferreds in the middle of trade on Wednesday.

Hours after the United States raised tariffs on Chinese goods to 104 per cent, China responded by raising levies on American goods to 84 per cent. An analyst said the increasingly tense trade war could provide opportunities for new sales of Canadian canola and could stave off potential Chinese tariffs on canola seed.

Chicago soyoil, European rapeseed and Malaysian palm oil were in negative territory. Crude oil was suffering another substantial loss, down US$3 per barrel.

The Canadian dollar was steady compared to Tuesday’s close.

About 41,200 canola contracts have traded at 10:21 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

May 646.60     up  0.40

Jul 653.00     up  0.30

Nov 634.20     up  4.10

Jan 640.80     up  3.30