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Analyst Jerry Klassen described the Canadian canola market as bearish during the week ended January 31, with farmers selling at low prices and speculative funds adding to the selling. Trading volumes exceeded 60,000 contracts on January 30 and 31.
Attention shifts to the StatCan December 31 stocks report due February 8.
Heavy farmer and fund selling keeps canola prices under pressure, and the upcoming stocks report could confirm or challenge the supply picture. Feed buyers may see continued weakness in canola meal until the data clarifies supply.
grainews.caGFM Network NewsFeb 1, 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.
