By Jade Markus, Commodity News Service Canada
WINNIPEG, November 25 – ICE Canada canola contracts were stronger at midday on Friday, in follow-through buying the day after US markets were closed for Thanksgiving.
Chicago Board of Trade soy oil saw sharp advances on Wednesday, which supported canola, though traders had lagged that market to the
upside.
Soy oil was weaker on Friday, but gains in previous sessions continued to underpin canola.
“That EPA announcement has really sent a shockwave through the vegetable oil market,” said one Winnipeg-based analyst.
On Wednesday the Environmental Protection Agency said US refiners will be required to use record amounts of biofuel in 2017.
Overnight gains in the Malaysian palm oil market further underpinned values.
A stronger technical bias also supported prices.
Analysts said Chinese export demand was another bullish feature on Friday.
About 13,909 contracts had traded as of 10:38 CST.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:38 CST:
