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WINNIPEG, (Manitoba): ICE canola futures rose on Wednesday, lifted with oilseeds and vegetable oils on concerns about Russia-Ukraine tensions.

Most-active May canola gained $5.80 to $1,032.70 per tonne. Despite the boost in prices, there is little evidence that Russia’s recognition of breakaway regions in eastern Ukraine will significantly affect any agriculture trade, a canola broker said.

Uncertainty over sunflower oil supplies due to the conflict between Russia and Ukraine is spurring demand for rivals palm oil and soyoil.

May-July canola spread traded 2,360 times.

US soybean futures rallied to a 9-1/2 year peak.

Euronext May rapeseed futures also gained ground.

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