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ICE November canola futures fell to five-month lows in early July but settled above $800 per tonne as the selloff lost momentum. Chicago soyoil declined heavily, while European rapeseed gains helped support canola.
Farmer selling has eased, and the Canadian dollar's weakness is providing some support.
Canola crush margins are still solid despite the soyoil decline, which supports demand for meal. Prices may stabilise unless US markets weaken further, but weather on the Prairies will be a key factor.
manitobacooperator.caGFM Network News, Phil Franz-WarkentinJul 7, 2022Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Early-July canola selloff to five-month lows, driven by a sharp drop in soyoil, is the same downward pressure that plausibly fed into the one-day meal drop, though the dated 07-07 report precedes the 07-11 move.
