WINNIPEG, Manitoba--Intercontinental Exchange canola futures were mostly higher late Monday morning in reduced activity, as United States markets were closed for Martin Luther King Jr. Day.
Monday also marked the swearing in of Donald Trump as U.S. President. Reports suggested Trump might not impose his tariff plans, rather he could order the matter to be studied by federal agencies.
It also remains uncertain as to which direction the Trump administration will take with the U.S. biofuel industry. There were some changes recently made, but a 60-day review period kicked in, leaving the matter unresolved. Canola was omitted from the changes, which put Canada's canola oil exports to the U.S. in jeopardy.
That uncertainty help to lead Federated Co-op to put its biodiesel plans on hold for the time being. Co-op together with AGT are to cost share a C$360 million crushing plant in Regina.
Pressure on canola came from declines in European rapeseed,while Malaysian palm oil was relatively steady.
Despite Monday's gains in canola so far, the March contract remains below its major technical levels.
The Canadian dollar was stronger by mid-session Monday, with the loonie jumping to 69.79 U.S. cents compared with Friday's close of 69.28.
Approximately 14,100 canola contracts were traded as of 11:31 am EST, with prices in Canadian dollars per metric ton:
Price Change
Canola Mar 618.70 up 2.70
May 627.10 up 1.60
Jul 634.70 up 0.90
Nov 624.30 dn 1.20
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-20-25 1250ET
