ICE canola rises for fourth session, following vegoil strength
All figures in Canadian dollars unless noted
WINNIPEG, Manitoba, Oct 21 (Reuters) -ICE canola futures closed higher Monday for a fourth straight session on spillover strength from global vegetable oil markets and signs of export demand, traders said.
* Front-month November canola RSX4 settled up $4 at $620.10 per metric ton after rising to $629.20, the contract's highest since Oct. 8.
* Most-active January canola RSF5 ended up $6.40 at $630.90 a ton after reaching $637.10.
* Gains were progressively stronger in later months.
* Recent sessions have seen much influence from speculation about the possible impact of the Canada-China trade spat over tariffs on some Chinese goods. China has launched an anti-dumping investigation into Canadian canola.
* "There are a lot of questions right now," said canola market analyst Jon Driedger of LeftField Commodity Research. "There are so many unknowns." Those include whether or not China imposes tariffs or restrictions at all, when it might take any actions, and whether penalties would affect canola seed, oil and meal, or just be aimed at seed, Driedger said.
* Speculation about possible future Chinese anti-dumping actions against Canadian canola have caused a number of buyers in China to bring forward sales, creating a surge of canola shipments from Canada. Canadian export volumes have also been helped by good, dry harvest weather that has seen most crops in the bin well before medium and long-term averages.
* The Canadian government's Friday night decision to allow for some relaxing of tariffs on Chinese-made electrical vehicles and tariffs on Chinese-made steel and aluminum pressured Chinese rapeseed meal CRSMcv1 futures, which fell 4.6% on Monday. China's anti-dumping investigation could be affected by any lightening of Canada's tariffs on Chinese products, market participants speculated.
* Canola trade was broadly in line with the global vegoil complex, with Malaysian palm oil futures FCPOc3 up 1.03% and crude oil CLc1 higher. Canola competes with vegoils for both food and bioenergy markets, which also makes it significantly affected by crude. POI/
* On the Chicago Board of Trade, soybean futures SX24 settled up 11 U.S. cents, or 1.13%, at US$9.81 a bushel and CBOT December soyoil BOZ24 ended up 0.57 U.S. cent, or 1.36%, at 42.39 U.S. cents per pound. SOY/C
Reporting by Ed White; Editing by Tasim Zahid
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