Glacier FarmMedia — ICE Futures canola contracts were sharply higher at midday Wednesday, as gains in crude oil and other vegetable oil markets were supportive.
- The escalating conflict in the Middle East provided the catalyst for much of the activity in the futures, with rising oil prices said to be leading to increased demand for vegetable oils.
- Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher. Optimism over upcoming trade talks between the United States and China contributed to the strength in soyoil.
- Bullish chart signals added to the gains in canola, although profit-taking at the highs put some pressure on values.
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- An estimated 66,700 canola contracts traded as of 11:23 CDT.
Prices in Canadian dollars per metric tonne at 11:23 CDT:
Canola May 740.10 up 20.00
Jul 749.20 up 20.20
Nov 733.40 up 19.30
Jan 738.80 up 18.30
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