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.