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ICE canola futures fell to their lowest level in a month on November 20 as end users were well covered and speculative funds added short positions. Analysts cited large South American soybean crops and favorable Brazilian weather as bearish for oilseeds, with Statistics Canada due to update production on December 5.
Weak demand and bearish soybean supply pressure canola meal and oil prices lower, and the market is waiting for a possible downward revision to Canadian production that may already be priced in.
grainews.caPhil Franz-WarkentinNov 20, 2024Not 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.
