ICE canola futures climb on catch-up trade, US optimism

WINNIPEG, Manitoba, July 2 (Reuters) - ICE canola futures played catch-up on Wednesday after a holiday in Canada, rising with U.S. soyoil.

• November canola RSX5 settled up $24.80 at $734.50 per metric ton, a surge of more than 3%.

• The Winnipeg market was closed on Tuesday for Canada Day.

• Chicago Board of Trade soyoil futures BOv1 rose 1.76% on Tuesday, and 2.59% on Wednesday. The soy markets are swirling with rumors that U.S. President Donald Trump might announce positive developments on a trade deal with China when he travels to Iowa on Thursday, a number of analysts have told Reuters.

• Access to China's market is important for U.S. soybeans because much of the crop is exported, and Brazil is a key competitor that has been at an advantage during U.S.-China tensions. While canola also competes with U.S. soy in China, if U.S. soy products cannot get out of North America, they can glut the market and depress prices.

• Euronext August rapeseed futures COMQ5 rose 1.3%.

• Malaysian palm oil futures FCPOc3 rose 2.27% on strength in the Dalian market, good exports and currency factors. POI/

• The Canadian dollar CAD= rose on Wednesday. CAD/