WINNIPEG: ICE canola futures rose on Monday as renewed concerns about Ukrainian export problems drove up European rapeseed prices, giving canola a modest boost.
The European Union warned against unilateral steps by member countries after Poland and Hungary banned grain and other food imports from Ukraine to protect domestic agricultural sectors. Funds are not active in flat-price canola trading, and Canadian farmers are awaiting higher prices before selling more of their stored crops, leading to choppy markets, a trader said.
Most-active July canola gained $10.20 to settle at $746.50 per tonne. May-July canola spread, the most active inter-month spread, traded 6,520 times. US soybean futures rose on slow Argentine exports.
Some 155,000 public workers in Canada, including inspectors on crop exports, will go on strike at midnight on Wednesday if they are unable to reach a wage deal with Ottawa, the Public Service Alliance of Canada union said on Monday.
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