ICE canola futures follow vegoils higher
WINNIPEG, Manitoba, July 23 (Reuters) - ICE canola futures followed vegoils higher on Wednesday, as continued moderate weather dampened hopes for a rally.
• November canola RSX5 settled at $698.10 per metric ton, up $8.10. January RSF5 settled up $8.10 at $708.30.
• Western Canadian weather continues to be moderate, with temperatures in the mid-20s and showers hitting many key canola growing regions in the past 10 days. More rain is forecast in the next week.
• Traders said the improving conditions of many canola crops are suppressing hopes for a rally, as the crop now appears to be in better shape than at the same time last year, when heat and scorching sun damaged many fields in the critical flowering period.
• Chicago Board of Trade soyoil futures BOv1 rose 0.85%.
• The announcement of a U.S.-Japan trade deal with lower-than-feared tariffs and a Japanese agreement to buy U.S. products buoyed the U.S. soyoil market.
• Euronext August rapeseed futures COMG5 rose 0.85%.
• Malaysian palm oil futures FCPOc3 rose 1.15% on short covering and strength in the Dalian palm market. POI/
• The Canadian dollar CAD= was little changed. CAD/
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