CHICAGO: ICE canola futures retreated on Wednesday after rising to a new contract high amid support from edible oils markets, traders said.

The nearby May canola contract reached a life-of-contract high of $1,177.80 per tonne. The contract ultimately ended down $26.30 at $1,136.70 per tonne. That is up 15.5% so far this year.

Chicago Board of Trade soybean futures and Malaysian palm oil futures each rose for their third straight session.

Oilseed traders focused on concerns about harvest shortfalls in South America and the absence of sunflower oil exports from the Black Sea region due to Russia’s invasion of Ukraine.