ICE canola futures continue nearby rally

WINNIPEG, Manitoba - April 8 (Reuters) - Nearby ICE canola futures rose again on Tuesday, adding to a two-week trend, increasing their premium to contracts for the 2025-26 crop.

• May canola RSK5 settled up $9.20 at $646.20 per metric ton. July RSN5 rose $9.70 to $652.70, giving it a $22.60 premium to November RSX5, at $630.10.

• Traders said canola's relative strength in the past week has been notable, with much of the gloom over U.S. tariffs lifting and the short stocks situation once more becoming the dominant concern. Export sales are continuing and domestic crush is high.

• The re-emergence of an old crop/new crop inversion highlights the lack of canola in store in Canada, traders said. When canola's access to the U.S. market was in doubt due to the threat of U.S. tariffs, supplies were not necessarily tight, but with access now seeming secure, canola supplies will run out this summer at the present export pace.

• Reuters reported that China has been purchasing Indian rapeseed meal since tariffs were imposed on Canadian meal and oil imports.

• Chicago Board of Trade soyoil futures BOv1 fell 0.47%. Soybeans Sv1 rose on a weaker greenback USD= and technical factors.

• Euronext rapeseed futures COMc1 were little moved. Malaysian palm oil futures FCPOc3 opened strongly following Monday losses, but lost most of the gains, ending up only 0.04%. POI/

• The Canadian dollar CAD= strengthened on U.S. dollar weakness and Canada's relatively advantaged situation with U.S. tariffs, which are less expansive than those presently affecting most other U.S. trading partners. CAD/