More biofuel-related strength in Chicago soybean oil pushed canola futures higher on Thursday.
Reports today said the US Environmental Protection Agency is looking to shift half of previously waived biofuel obligations under the small refinery exemptions to larger oil refineries – a development that could increase biofuel demand. News that new US biofuel blending mandates should be finalized by the end of March has also supported soyoil this week.
Gains in European rapeseed and palm oil supported canola as well, as did Canadian dollar weakness. Crude oil was little changed and provided no firm direction.
May canola was up $1.60 to $693, and November was $1.80 higher at $697.90.
