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ICE canola futures fell to fresh contract lows on February 28, 2020, though they settled with small declines. Weakness in global financial and energy markets over coronavirus fears weighed on prices, while a weaker Canadian dollar provided some support.
Soybean futures also fell as Brazil's harvest advanced, and the USDA reported 135,000 tonnes of soymeal sales to the Philippines.
Canola and soybean weakness reflects coronavirus-driven selling and cheaper Brazilian beans displacing US exports, while firm soymeal demand and Argentine export tariff expectations partly support meal prices.
producer.comPhil Franz-WarkentinMar 1, 2020Not enough comparable past events yet for a historical read.
After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% over 20.
After 44 past bullish macro events, Soybean Meal moved a median -0.6% over 5 sessions (34% higher; middle half -1.9% to +0.9%), and -2.9% over 20.
After 78 past neutral macro events, Corn moved a median +0.3% over 5 sessions (55% higher; middle half -1.1% to +1.6%), and -0.6% over 20.
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.
