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 soy 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.

January-March canola spread traded 491 times. Investors are rolling January positions forward ahead of the contract’s expiry next month.

US soyabean futures on the Chicago Board of Trade hit their highest level in 6-1/2 years as the South American weather worries and labor strife added to concerns about tightening global supplies.

Euronext February rapeseed futures and Malaysian March palm oil futures also rose.—Reuters