WINNIPEG: ICE canola futures rose on Wednesday to a four-month high, following strength in soyoil. Canola has been undervalued compared to soyoil and rose to keep pace, a trader said. The trader said he had expected canola to fall after Russia said it would resume participation in a deal freeing up crop exports from war-torn Ukraine.
Most-active January canola gained $10.60 to settle at $894.80 per tonne. It touched the highest price, $895.80, for a most-active contract since June 30. January-March canola spread, the most active inter-month spread, traded 11,771 times.
US soybean futures turned higher in choppy trade, lifted by strength in global vegetable oil markets. Euronext February rapeseed futures dipped under pressure from Russia rejoining the grain deal.