Managed money fund traders continue to chip away at the large net short position in canola futures, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
The European Union provisionally agreed on Monday to restrictions on Ukrainian food imports, which some EU members say have destabilized the bloc's agricultural markets.
China's drive to boost grain production has entered a bottleneck where it is difficult to increase production further, state media reported on Monday, as Beijing launched a new drive to raise domestic output by 50 million metric tons by 2030.
U.S. wheat futures spiked to a one-month high on Friday as the market was unsettled by spring weather risks in the northern hemisphere and renewed tensions in the Black Sea.
Opposition to the federal price on pollution ramped up last week as several premiers called for a meeting with the prime minister to discuss the issue.
Wheat prices on the Canadian Prairies were mixed during the week ended Mar. 31. Canadian Western Red Spring Wheat and Canadian Western Amber Durum were lower, while there were increases Canada Prairie Red Spring Wheat.
World food prices rebounded in March from a three-year low, boosted by increases in vegetable oils, meat and dairy products, according to the United Nations food agency's latest price index.
Soybeans dropped on Thursday following lower-than-expected weekly export sales data from the U.S. Department of Agriculture (USDA), seasonally rising supplies from the South American harvest and falling soyoil prices.
U.S. corn futures rose on Wednesday on technical buying and short covering that lifted prices from Tuesday's one-month lows as traders assessed Midwestern weather conditions before the spring planting season.