ICE canola futures slip on commercial hedges

WINNIPEG, (Manitoba): ICE canola futures slipped on Wednesday, as Canadian farmers sold more of their crop to cash in on high prices, leading commercial buyers to sell futures to hedge those purchases.

Canola prices have soared of late with Russia’s invasion of Ukraine disrupting supplies of vegetable oil, pushing oilseed values higher. Most-active May canola lost $18.60 to $1,061.30 per tonne.

May-July canola spread traded 2,872 times.

Chicago Board of Trade wheat futures rose by their daily limit to a 14-year high, due to supply concerns related to the Russia-Ukraine war, but soybeans dipped as rain eased dry South American crop conditions. Euronext May rapeseed futures fell sharply.