ICE canola jumps, following surging US soyoil futures

All figures in Canadian dollars unless noted

WINNIPEG, Manitoba, Jan 10 (Reuters) - ICE canola shot higher on Friday, following U.S. soyoil futures which soared on a combination of bullish factors.

* March canola RSH5 rose $16.70 to $641.60 per metric ton to hit its highest since Nov. 20. The 2.7% rise trailed the nearly 7% climb in Chicago Board of Trade March soyoil BOH25, which briefly rose to its daily three-cent limit during the Friday session.

* Farmers noticed the price move and sold into it, said futures and options broker David Derwin of Ventum Financial. In recent weeks farmers have held back canola from the market, but today's selling was aggressive, traders said.

* Soyoil's move came after the outgoing Biden administration signaled it would continue support for North American renewable fuels production, and after the U.S. Department of Agriculture cut its estimates of U.S. 2024 soybean production and ending stocks.

* The USDA reports lit a bullish fire under the markets with lower-than-expected soybean and corn production and stocks estimates. Most-active CBOT March corn futures Cv1 hit the highest price since May.

* Strength in crude oil futures CLc1 lent support to canola as well. O/R

* Malaysian palm oil FCPOc3 rose 2.21%.

* The Canadian dollar CAD= fell for a fourth straight day against the U.S. dollar, lending support to loonie-denominated canola futures. CAD/

(Reporting by Ed White in Winnipeg; Editing by Nia Williams)

((ed.white@thomsonreuters.com))