ICE canola futures surge on Iran, EPA biodiesel rules

WINNIPEG, Manitoba, June 13 (Reuters) - ICE canola futures followed surging soyoil in Chicago on Friday after crude oil shot higher and new biodiesel rules were released.

• July canola RSN5 settled up $7.20 at $731 per metric ton. November RSX5 settled up $15 at $723.20. All new crop months closed sharply higher.

• The July-November spread, which shows the difference between old crop and new crop expectations, has been in a large inverse but has now closed to the tightest since the beginning of April.

• Prices for 2025-26 canola are the highest since September 2023.

• "Both old and new crop have broken out of that range they were in," said broker David Derwin of Ventum Financial. Dryness across Western Canada has worried traders and farmers, then Friday saw the impact of Israel's attack on Iran and the U.S. EPA's new biodiesel rules, both of which spurred buying, Derwin said.

• Volume for November futures on Friday was about four times what was usual before Thursday, when they began surging.

• Chicago Board of Trade soyoil futures BOv1 soared 6.3% on the rise in crude oil values and the EPA rules.

• Euronext August rapeseed futures COMQ5 rose 2.59%.

• Malaysian palm oil futures FCPOc3 rose 2.29%. POI/

• The Canadian dollar CAD= rose. CAD/

• Crude oil CLc1 shot higher as Israel attacked Iran, provoking worries that world oil flow could be hurt by hostilities in and around the Persian Gulf. As an alternative fuel, canola oil is often influenced by crude prices.