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Canola November futures on ICE recovered more than C$50 from late June lows to close at C$652.70 on July 3. The rally followed a rise in Chicago soybean oil after Indonesia floated 100-200% tariffs on Chinese goods, triggering short covering and fund buying.
Tariff tensions tied to vegetable oil trade raise the chance of Chinese purchases of Malaysian palm oil and support canola and soy oil values. Canola meal, a feed ingredient, may firm alongside oilseed prices.
grainews.caAdam PeleshatyJul 3, 2024Not enough comparable past events yet for a historical read.
After 224 past bullish trade events, Soybean Oil moved a median +0.4% over 5 sessions (54% higher; middle half -1.5% to +2.1%), and -0.5% over 20.
After 133 past bullish trade events, Palm Oil moved a median +0.7% over 5 sessions (64% higher; middle half -0.8% to +2.3%), and +1.7% 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.
Chicago soyoil's rise on Indonesia tariff talk spilled into canola, confirming the trigger and fund buying and short covering.
