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ICE canola futures rose on February 8 despite a slightly bearish StatCan report showing December 31 canola stocks at 12.851 million tonnes, up 1.3%. USDA kept its 2023-24 Canadian canola production estimate at 18.8 million tonnes.
Chicago soyoil, European rapeseed and Malaysian palm oil all gained, and crude oil rose about US$2 a barrel on Middle East tensions.
Firmer vegetable oil and crude prices supported canola despite the stock figures, though the larger stocks point to ample supply. Feed buyers should note canola's momentum is tied to energy and oil complex strength.
marketsfarm.comAdam PeleshatyFeb 8, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
