WINNIPEG: ICE Canadian canola futures rallied to new highs in most contracts on Tuesday on worries about global oilseed supplies and as US soyabean futures hit their loftiest levels in 6-1/2 years.
Oilseed prices have been climbing due in part to a port worker strike in Argentina and concerns that dry conditions could limit the soya harvest in South America.
More than 160 ships carrying nearly $1.5 billion in agricultural goods have been delayed by the strike in Argentina.
Most-active March canola reached a life-of-contract high of $636.90 per tonne on Tuesday and settled up $7.60 at $636.00 per tonne. All contracts except for thinly traded January posted fresh contract highs on Tuesday.—Reuters
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