ICE Canola Climbing Higher at Midday Wednesday

WINNIPEG, Manitoba--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.

* An estimated 66,700 canola contracts traded as of 12:23 EDT.

Prices in Canadian dollars per metric ton at 12:23 EDT:

 
           Price      Change 
May       740.10    up 20.00 
Jul       749.20    up 20.20 
Nov       733.40    up 19.30 
Jan       738.80    up 18.30 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

03-11-26 1251ET