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