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ICE canola futures have recovered C$36 per tonne since a sharp correction on October 15 and are at a two-and-a-half-month high. Analysts cite uncertainty over Canada's crop, which may fall below Statistics Canada's estimate of nearly 19.0 million tonnes, and steady Chinese buying.
The next StatCan crop report is due in early December.
Possible production shortfall and strong Chinese purchases tighten supply and support canola prices, and canola meal prices may follow.
marketsfarm.comGlen HallickOct 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.
