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Analysis of canola market spreads shows the July 2024 contract has moved to a $6/t discount to November 2024, signaling little supply concern. Canola has shifted from a $100/t premium over European rapeseed to a discount of nearly $40/t, and its premium over soybeans has largely disappeared.
Weak export demand has followed.
Canola losing its premium to rapeseed and soybeans reduces export competitiveness and suggests weak canola meal demand. This points to continued price pressure on canola-based feed ingredients.
manitobacooperator.caPhil Franz-WarkentinFeb 27, 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.
