WINNIPEG, Manitoba--The ICE Futures canola market sharply rose on Friday, fueled by comparable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil all saw large gains. Crude oil also surged more than US$1 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.

One analyst said the Biden administration will announce new guidance for the 45Z biofuel tax credit later today, which has lit a fire in oilseeds. He also said U.S. demand for biofuel could create a situation where canola fills a need for used cooking oil.

The U.S. Department of Agriculture will release its monthly supply/demand estimates, as well as its quarterly stocks report and its grain seedings report later today.

The Canadian dollar was down two-tenths of a U.S. cent compared to Thursday's close.


 
About 55,100 contracts have traded at 10:21 CST. Prices in Canadian dollars per metric ton: 
 
Canola     Price         Change 
 Mar       636.00       up 11.10 
 May       644.90       up 13.00 
 Jul       649.60       up 14.30 
 Nov       627.30       up 14.60 
 

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

01-10-25 1158ET