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November canola futures fell about C$37 per tonne through July 16 after a downtrend began July 5, when the broader ag complex weakened. Soybean oil fell by a similar percentage over the same span.
U.S. canola crush for the marketing year is up over 8% year on year.
Canola is tracking soybean oil closely, so further soyoil weakness would keep pressure on canola prices into harvest. Higher crush and export estimates provide some demand support.
agupdate.comBARRY COLEMAN, Northern Canola Growers AssociationJul 23, 2024Not 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.
Canola futures were in a downtrend from July 5 as the broader ag complex weakened, which supports a bearish backdrop for canola meal, though the article is dated after the move.
