ICE canola futures follow soyoil higher

WINNIPEG, Manitoba, March 27 (Reuters) - ICE canola futures followed soyoil's surge Thursday, but only by about half as much.

• Early Thursday Reuters reported that the Trump administration has asked biofuels and fossil fuels producers to come up with a joint approach to biofuels policy. The administration wants to avoid the clashes that marked the issue in Trump's first term, in which Farm State interests clashed with Big Oil over the amount and type of federal support biofuels should receive, Reuters reported.

• May canola RSk5 settled up $21.20 at $599.40 per metric ton, and during the session broke over psychologically important $600, which triggered selling pressure, traders said.

• July RSN5 settled at $605.40, a gain of $17.40, putting it at a premium to new-crop November RSX5, which settled at $600.70.

• Chicago Board of Trade soyoil futures BOv1 soared 3.82%. Worries about the Trump administration's suspected resistance to biofuels support have darkened the demand outlook for vegoils since Trump's election. Talk of cooperation between Big Oil and Farm State players got a lot of attention, traders said.

• Euronext rapeseed futures COMc1 rose 1.56%, and Malaysian palm oil futures FCPOc3 rose 2.27% and were rising in early March 28 trading. POI/

• The Canadian dollar CAD= fell following the Trump administration's announcement of 25% tariffs on imported automobiles. CAD/