WINNIPEG, (Manitoba): ICE canola futures soared to a record high price on Thursday, after Russia invaded Ukraine, a major exporter of vegetable oil and rapeseed.
Most-active May canola gained $19.30 to $1,052 per tonne, rising with soyoil and rapeseed. The nearby March contract, trading in thin volume, touched an all-time high price for canola of $1,103.10.
Despite big price gains, Canadian farmers are unlikely to sell much of their remaining canola soon, as they bank on even higher prices, a trader said.
May-July canola spread traded 2,516 times.
Ukraine’s military has suspended commercial shipping at its ports, stoking fear of grain and oilseed supply disruption.
Euronext May rapeseed futures also climbed, with Ukraine the main supplier of European Union rapeseed.
US soybean futures fell on profit taking.
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