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Analysts say canola yields on the Canadian Prairies are not yet estimated, but heat has hurt yields in drier areas and late-planted crops. Canola is priced too high to compete with Chicago soy, palm oil and European rapeseed, and China is the main buyer as other importers cut purchases.
Weak export demand outside China, combined with a likely good US soybean crop, limits upside for canola prices despite yield concerns. Demand rather than supply is expected to drive the market next.
farmtario.comGlen HallickJul 24, 2024
grainews.caGlen HallickJul 24, 2024After 152 past bearish trade events, SBO moved a median -0.2% over 5 sessions (47% higher; middle half -2.1% to +2.1%), and -0.1% over 20.
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.
