The oilseed markets have charged to new highs recently, with new crop canola briefly hitting $30, driven mainly by further cuts to South American crops, higher crude oil prices, and renewed fears of inflation. The latest predictions are that South America has lost over 1 billion bushels of soybeans from original estimates at the beginning of the season. March canola has increased from $1,000 per metric ton (MT) on Jan. 19 to $1,022 on Feb. 2. The November canola contract has increased even more, (five percent) from $804 per MT to $844 per MT. This important contract, giving growers a glimpse of prices this fall, has risen 11 percent since the recent lows in December.
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Oilseed markets charge to new highs recently
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