ICE Canadian canola futures closed higher on Thursday on the first trading day of the new year, following strength in Malaysian palm oil and US soyaoil futures, traders said.

January canola settled up $4 at $471.50 per tonne.

Most-active March canola ended up $1.90 at $480.00 per tonne after reaching $481.50, the contracts highest since October 15.

The March-May canola spread narrowed to $9.10, premium May, from $9.40 on Tuesday.

Chicago Board of Trade soyaoil futures closed higher as Malaysian palm oil futures rose on expectations of lower output in December and on likely higher imports from India due to a tax cut.

Malaysian March palm oil futures jumped 2.42% and Euronext February rapeseed futures rose 0.36%.

The Canadian dollar was little changed against its US counterpart, with the loonie holding on to gains from 2019.