WINNIPEG: ICE Canadian canola futures rose on Tuesday, continuing their streak of registering fresh 7-year highs, on weakness in the Canadian dollar and strong vegetable oil demand.

Most-active March canola gained $2.30 to $628.10 per tonne.

The January contract touched the highest nearby price since 2013, $641.10.

January-March canola spread traded 2,833 times. Investors are rolling January positions forward ahead of the contract’s expiry next month.

The Canadian dollar edged lower against its US counterpart, as a new variant of the coronavirus capped optimism of a vaccine-led recovery in the global economy.

US soyabean futures rose modestly as the markets weighed South American rainfall against the ongoing labor strike disrupting Argentine exports.

Euronext February rapeseed futures and Malaysian March palm oil futures gained ground.

The United Kingdom’s farm ministry cut its estimate for the UK rapeseed crop to 1.04 million tonnes, down 40.8% year on year, compared with a previous estimate of 1.07 million tonnes.

ICE canola trading will close at 1:05 p.m. EST on Thursday for the holidays.