WINNIPEG, Manitoba--Intercontinental Exchange canola futures continued higher late Friday morning, boosted by strong gains in Chicago soyoil, Malaysian palm oil and European rapeseed.

Additional support came from increases in Chicago soybeans, but soymeal was lower. Slight upticks in crude oil spilled over into to the vegetable oils.

"We got overextended to the downside," an analyst said, noting the trade took comments about tariffs recently made by United States President-elect Donald Trump too seriously.

Volumes in canola were higher as the U.S. markets were back in action following Thanksgiving. The Chicago market will close at 12:05 pm EST Friday, while canola trades its usual hours.

The Canadian dollar was relatively steady by mid-session Friday, with the loonie at 71.41 U.S. cents compared with Thursday's close of 71.38.


Approximately 30,300 canola contracts were traded as of 11:20 am EST, with prices in Canadian dollars per metric ton: 


                 Price    Change 
Canola    Jan    578.30   up 7.00 
          Mar    590.80   up 6.30 
          May    601.30   up 5.30 
          Jul    604.70   up 4.80

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


(END) Dow Jones Newswires

11-29-24 1250ET