WINNIPEG, Manitoba--Intercontinental Exchange canola futures were higher late Friday morning, as the March contract held above its major moving averages including the 200-day.
Upticks in Chicago soyoil and Malaysian palm oil helped to bolster canola, while declines in soybeans and soymeal plus most European rapeseed contracts limited the increases. Crude oil eased back, adding a little bit more pressure on the vegetable oils.
The strong likelihood of tighter supplies underpinned canola.
The Canadian Grain Commission reported the oilseed's exports for the week ending Jan. 19 of 202,500 metric tons, little changed from the previous week. Domestic use bumped up to 229,900 metric tons.
An analyst suggested that canola's saving grace when it comes to the Section 45Z biofuel tax credits in the U.S. might be the Trump administration reverting to previous requirements. The changes made earlier this month excluded canola.
The Canadian dollar was higher at mid-session Friday, with the loonie at 69.78 U.S. cents compared with Thursday's close of 69.58.
Approximately 27,500 canola contracts were traded as of 11:32 a.m. EST, with prices in Canadian dollars per metric ton:
Price Change Mar 640.60 up 3.20 May 649.60 up 3.30 Jul 654600 up 2.50 Nov 641.00 up 1.90
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-24-25 1155ET