30 September 2011 15:51 [Source: ICIS news]
TORONTO (ICIS)--Canadian commodity prices fell by 3.3% in August from July as investors rushed to cash and US Treasury securities amid economic uncertainties in the eurozone and the US, a bank said on Friday.
Toronto-based Scotiabank, which cited its monthly commodity price index, said that in addition to the worries in Europe and the ?xml:namespace>
Patricia Mohr, vice president of economics at Scotiabank, said financial market concerns triggered a flight from riskier assets such as equities and commodities to cash and the liquidity of US Treasury bonds.
Expectations that US growth may remain “exceptionally slow”, with minimal inflation, are likely to have increased the attractiveness of US Treasury bonds, despite their “very low yields”, Mohr said.
Mohr also noted that spot potash prices for overseas sales, FOB (free on board)
Fertilizer applications should continue to be “solid” in 2012 as farmers benefit from higher feed grain and oilseed prices and generally low stocks, she added.
($1 = €0.74)
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