ICE canola futures rise with soyoil
ICE canola futures increased alongside Chicago soyoil, with January canola rising $1.70 to $634.20 per metric ton. Optimism about a potential U.S.-China trade agreement, particularly regarding Canadian canola, is growing due to ongoing discussions between Canadian officials and their Chinese counterparts. Meanwhile, Chicago soyoil futures rose 0.99%, and Euronext rapeseed futures increased by 1.23%. In contrast, Malaysian palm oil futures fell by 1.11%. The Canadian dollar also showed slight strengthening.
(All figures in Canadian dollars unless noted)
WINNIPEG, Manitoba, Oct 27 (Reuters) - ICE canola futures rose with Chicago soyoil on Monday, with U.S. traders optimistic about a possible U.S. trade agreement with China.
• January canola (RSF6) settled up $1.70 at $634.20 per metric ton. November (RSX5) settled up $1.70 at $619.20.
• A trader said that Canada’s agriculture minister being in China for talks with agriculture officials and a planned meeting this week between the Canadian prime minister and the Chinese president are raising hopes that China’s measures against Canadian canola will be reduced or removed.
• Chicago Board of Trade soyoil futures (BOv1) rose 0.99% on optimism that the U.S. and China are close to a deal to restart Chinese buying of U.S. soybeans. Soybeans have been specifically mentioned by U.S. officials as part of a deal in the works.
• Euronext August rapeseed futures (COMc1) rose 1.23%.
• Malaysian palm oil futures (FCPOc3) fell 1.11%. (POI/)
• The Canadian dollar (CAD=) slightly strengthened. (CAD/)
