WINNIPEG, Manitoba: ICE canola futures rose on Tuesday to a nearly two-week high, following grains and oilseeds higher on concerns about disrupted crop shipments in the Black Sea region.
Russia recognized two breakaway regions in Ukraine, a major rapeseed exporter, raising fears of war.
Canola’s gains lagged those of others crops, as canola is high-priced and faces technical resistance to moving higher, a trader said.
Most-active May canola climbed $14.80, or 1.5%, to $1,026.90 per tonne, finishing higher for a fourth straight session.
May-July canola spread traded 2,229 times.
Deepening Russia-Ukraine tensions are seen curbing food supplies, and lifting prices. U.S. soybean futures gained ground, mustering further support from concern about a South American crop shortfall due to dryness.
Euronext May rapeseed futures also climbed.
Source: Brecorder
