WINNIPEG, (Manitoba): ICE canola futures rose on Friday, posting their biggest daily percentage gain in five months, as fresh concerns about Ukraine exports drove up wheat and other agriculture commodities. Ukraine, Russia, Turkey and the United Nations failed to reach agreement to authorize any new vessels to carry out Black Sea grain exports.
Dry conditions in parts of the Canadian Prairies, with seeding underway, added support for canola, but a rallying Canadian dollar limited gains, a trader said. July canola gained $20, or 2.8%, to settle at $735.10 per tonne. July-November canola spread, the most active inter-month spread, traded 6,522 times. Statistics Canada on Tuesday is scheduled to report crop stockpiles as of March 31, 2023. US soybean and soyoil futures climbed.
Euronext August rapeseed futures also gained ground. Ukraine is likely to harvest up to 3.6 million tonnes of rapeseed in 2023, up from about 3.2 million in 2022, the APK-Inform agriculture consultancy said.
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