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CHICAGO: ICE canola futures surged on Thursday and halted a three-day skid, rising with soy futures on a rally in crude oil prices.
CP Rail, Canada’s second-largest railway, gave notice on Wednesday that it will lock out workers on Sunday if negotiations fail.
A railway shut-down would pressure canola prices in the short term, but may be bullish longer-term as demand builds, a trader said.
May canola gained $16.30 to $1,130.20 per tonne.
May-July canola spread traded 2,032 times.
US soybean futures finished higher, drawing strength from a rally in crude and soyoil. Euronext May rapeseed futures also climbed.
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