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ICE canola futures closed higher on Thursday, supported by export demand from China and concerns that Canadian production could be as much as one million tonnes below Statistics Canada's 18.98 million tonne estimate. Chicago soybeans were mixed and soymeal lower, while a USDA private sale of 198,000 tonnes of soybeans was announced.
Expected shortfall in Canadian canola supply and firm Chinese demand support canola and rapeseed prices, while lower soymeal pressures meal values.
agcanada.comAGCanadaOct 24, 2024Not enough comparable past events yet for a historical read.
After 250 past neutral trade events, Soybeans moved a median +0.0% over 5 sessions (50% higher; middle half -1.4% to +1.6%), and -0.2% over 20.
After 384 past bearish trade events, Soybean Meal moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and -0.5% 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.
