Glacier FarmMedia | MarketsFarm – The ICE Futures canola market showed small gains on Friday morning as it looks to cap off a positive week despite inflamed trade war tensions.
Just a day after United States President Donald Trump raised tariffs on Chinese goods to 145 per cent, China retaliated on Friday with 125 per cent levies on U.S. goods. An analyst said soyoil sales could see a boost as it is at a discount to palm oil. Canola prices typically correlate with soyoil.
Chicago soyoil and Malaysian palm oil were higher, while European rapeseed was mixed and crude oil was steady.
The Canadian dollar was up two-thirds of a U.S. cent compared to Thursday’s close.
About 29,600 canola contracts have traded at 10:10 CDT. Prices in Canadian dollars per metric tonne:
Price Change
May 658.20 up 4.20
Jul 666.60 up 3.80
Nov 641.80 up 3.40
Jan 649.20 up 5.00
