WINNIPEG, (Manitoba): ICE canola futures rose on Thursday for the fourth straight day, lifted by strength in soybeans.
“Spin a wheel,” said one trader, describing factors driving canola’s trading direction. He added that volumes have thinned with “prices in the clouds,” and that few investors are willing to sell. Most-active May canola gained $5.50 to $1,130.70 per tonne. May-July canola spread traded 739 times.
Chicago corn and soybean futures rallied, supported by signs that export demand for US supplies will remain strong following a drought in South American.
Euronext May rapeseed futures dipped.
Global grain trader Bunge Ltd said that it has suspended new export business from Russia after Moscow’s invasion of Ukraine, but its oilseed crush plant in Russia is still operating.