CHICAGO: ICE canola futures dipped on Friday with grains and soyoil as diplomatic efforts continued to resolve the war in Ukraine.

At current high prices, grains and oilseeds need bullish fundamentals to keep attracting end-user buying, said analyst Wayne Palmer, adding that investors’ focus is turning to the next North American spring-planted crops.

Canola has traded mostly sideways for more than a week amid uncertainty about crop supplies from Russia and Ukraine. May canola lost $5.40 to $1,124.80 per tonne. May-July canola spread traded 800 times.

US grain and soybean futures slipped, as traders monitored efforts to halt Russia’s invasion of Ukraine and gauged continuing disruptions to Black Sea crop exports. Euronext May rapeseed futures rose, shrugging off broader weakness in oilseeds and vegetable oils.