By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 24 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures surged on Thursday morning, hitting its daily limit before stepping back.
Russia invaded Ukraine at dawn this morning, with ground forces rolling into the eastern part of the country and launching missile attacks on a number of Ukrainian cities.
The markets quickly reacted with global crude oil prices soaring to more than US$100 per barrel. That sent a shockwave through the edible oils, vaulting to new all-time highs.
The Canadian dollar was lower on Thursday morning, with the loonie at 77.93 U.S. cents, compared to Wednesday’s close of 78.63.
About 17,700 canola contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric tonne at 8:36 CST:
Price Change
Canola Mar 1,085.90 up 42.80
May 1,081.30 up 48.60
Jul 1,049.70 up 46.10
Nov 903.00 up 39.20
