WINNIPEG, Manitoba--The ICE Futures canola market sharply rose on Friday, fueled by comparable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil all made large gains. Crude oil surged more than US$1.50 per barrel due to sanctions to be imposed on Russian oil.
The Canadian Grain Commission reported canola exports for the week ended Jan. 5 at 189,700 tons. So far this marketing year, canola exports are at a record pace at 4.722 million tons, compared to 2.507 million one year ago.
The U.S. Department of the Treasury announced new guidance for the 45Z biofuel tax credit on Friday, which lit a fire in oilseeds. Analysts expect U.S. demand for biofuel could create a situation where canola fills a need formerly filled by used cooking oil.
At mid-afternoon, the Canadian dollar was down two-tenths of a U.S. cent compared to Thursday's close.
There were 105,603 canola contracts traded on Friday, which compares with Thursday when 37,432 contracts changed hands. Spreading accounted for 59,446 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton. Canola Price Change Mar 641.60 up 16.70 May 650.60 up 16.70 Jul 655.30 up 18.70 Nov 631.70 up 20.00 Spread trade prices are in Canadian dollars and the volume represents the number of spreads: Mar/May 5.90 under to 9.20 under 16,199 Mar/Jul 9.60 under to 13.90 under 120 Mar/Nov 11.40 over 1 May/Jul 2.90 under to 5.00 under 10,598 May/Nov 18.70 over to 16.20 over 23 Jul/Nov 24.70 over to 20.40 over 2,702 Nov/Jan 3.80 under to 4.80 under 48 Nov/Mar 6.00 under 6 Jan/Mar 1.50 under to 2.10 under 26
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-10-25 1534ET