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Canola extended its rally to a record as searing heat in key growing regions raised supply concerns for the oilseed used in in everything from salad dressings to deep-frying, reports Yahoo News.
Sweltering temperatures in the Canadian Prairies are stretching into the U.S. Northern Plains and parts of the Midwest. Canola futures are up almost 8% this month. Soybeans and soybean oil also advanced on Monday.
Oilseeds have rallied in recent months amid crop worries in some regions, relentless crop demand by China and higher energy prices that tend to boost markets in vegetable oils used in fuels.