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ICE Canada canola futures jump with soyoil on US biofuels targets

WINNIPEG: ICE Canada canola futures jumped 1.

Published November 23, 2016 Updated November 23, 2016 09:07pm

1 min

By Fawad Maqsood

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WINNIPEG: ICE Canada canola futures jumped 1.5 percent on Wednesday, hitting its highest most active price since May, taking strength from a soyoil rally after the United States boosted 2017 biofuels requirements.

The US government issued final requirements for biofuel use for next year, saying energy companies must boost the amount of renewables in US fuel supply.

January canola gained $7.80 at $528 per tonne.

January-March canola spread traded 10,422 times.

Chicago January soybeans rose following soyoil.

NYSE Liffe February rapeseed and Malaysian February crude palm oil rose.

The Canadian dollar was trading at $1.3480 to the US dollar, or 74.18 US cents at 1 p.m. CST (1900 GMT), lower than Tuesday's settlement at $1.3453 to the greenback, or 74.33 US cents.

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