WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were lifted on Friday due to inflamed hostilities in the Middle East and speculation over biofuel blends in the United States.
Israel launched attacks on Iran on Thursday night, targeting the latter's nuclear program. The heightened tension in the Middle East caused crude oil to gain nearly $5 per barrel.
This morning, reports suggested that the U.S. Environmental Protection Agency had submitted new biofuel proposals, which included greater proportions than previously thought. An analyst said there would be greater demand for vegetable oils if these came to fruition. Chicago soyoil traded up its daily limit of three U.S. cents per pound.
European rapeseed and Malaysian palm oil were also higher.
At mid-afternoon, the Canadian dollar was up one-tenth of a U.S. cent compared to Thursday's close.
There were 132,093 canola contracts traded on Friday, which compares with Thursday when 85,620 contracts changed hands. Spreading accounted for 86,298 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change Jul 731.00 up 7.20 Nov 723.20 up 15.00 Jan 730.30 up 14.80 Mar 735.10 up 14.00
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jul/Nov 17.00 over to 7.00 over 27,643 Jul/Jan 4.00 over to 0.70 over 25 Jul/Mar 5.90 over to 4.80 under 6 Nov/Jan 4.00 under to 7.40 under 11,074 Nov/Mar 8.00 under to 12.80 under 619 Nov/Jul 17.70 under to 18.00 under 2 Jan/Mar 3.50 under to 5.60 under 2,818 Jan/May 7.70 under to 9.60 under 12 Jan/Jul 10.60 under to 12.00 under 6 Mar/May 2.60 under to 4.70 under 495 Mar/Jul 6.10 under to 7.10 under 1 May/Jul 1.70 under to 3.20 under 338 Jul/Nov 37.30 over to 30.40 over 110
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
06-13-25 1521ET