ICE Canola Midday: Russia-Ukraine at Center of Price Spikes

WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures were stronger at midday Monday, with the largest spike in prices coming in the old crop months.

Spillover was coming from sharp upticks in the Chicago soy complex, as well as Malaysian palm oil and European rapeseed. Large gains in global crude oil prices were lending support to edible oils.

All this is largely due to the Russia-Ukraine war, which entered its fifth day. Negotiations between the two sides were scheduled to begin today.

Month-end positioning was also a feature in today's trading, with the outgoing March contract sparsely traded.

The Canadian dollar was stronger, putting some pressure on canola. The loonie jumped to 78.90 U.S. cents compared to Friday's close of 78.45.

Approximately 15,700 canola contracts were traded as of 11:38 EST.

Prices in Canadian dollars per metric ton at 11:38 EST:

 
                  Price     Change 
 
Canola   May   1,035.40   up 34.20 
 
         Jul   1,012.40   up 31.20 
 
         Nov     879.45   up 25.60 
 
         Jan     881.50   up 27.20 
 
 

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

02-28-22 1207ET