ICE Midday: Canola moves upward despite lack of support

Canola futures on the Intercontinental Exchange were slightly higher at midday Friday amid mixed sentiment in comparable oils and speculation surrounding the war in Iran. On Thursday, United States President Donald Trump announced that Israel and Lebanon agreed to extend their ceasefire by three weeks. The next day, he extended the Jones Act waiver by 90 days to allow non-U.S. oil tankers to travel between U.S. ports. A delegation from Iran will meet in Pakistan this weekend for “bilateral discussions” but details are scarce. Crude oil was narrowly mixed, while Chicago soyoil was steady, European rapeseed was lower and Malaysian palm oil was higher. The Canadian Grain Commission reported 138,200 tonnes of canola were exported during the week ended April 19, down from 284,100 the previous week. So far this marketing year, 6.012 million tonnes were shipped, compared to 7.522 million last year. The Canadian dollar was virtually unchanged compared to Thursday’s close. About 25,600 ...