ICE canola futures firm on weak day for vegoils
WINNIPEG, Manitoba, May 29 (Reuters) - ICE canola futures firmed on Thursday despite downward pressure in the vegoils market.
• July canola RSN5 settled up $3.90 at $715.90 per metric ton. November RSX5 settled up $5.50 at $691.80.
• A trader said the market believes it needs to bid-up canola prices to ensure that farmers seed enough of the crop this spring to ensure adequate supplies. Much Western Canadian acres have already been seeded, but there are still millions left that could see small changes in crop choices that could have a big overall impact.
• Canola's rise despite a drop in both Chicago Board of Trade soyoil BOv1 and August Euronext rapeseed futures COMQ5 shows the relative strength of canola, traders said.
• Malaysian palm oil futures FCPOc3 rose 0.85% on strength in the Dalian vegoils market and signs of strong demand. POI/
• The Canadian dollar CAD= rose on news that U.S. tariffs on much of the world had been blocked by a U.S. trade court. CAD/
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