Further canola climbs headline new surge in grain prices
Canola prices globally rose sharply in the past week, primarily on the back of concerns surrounding the Canadian crop, but also due to lingering worries about the volume of European production.
In Canada, futures on the benchmark ICE (Intercontinental Exchange) futures contract hit seasonal highs while the second most important global canola futures product, offered on the French MATIF exchange also rallied sharply as concerns over supply were compounded by the hot and dry conditions through the Canadian prairies.
Oilseed prices were just one of the bullish stories in grain markets, with wheat prices also rallying on the back of supportive US Department of Agriculture data before falling this week.
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