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The January canola contract closed at C$702.30 per tonne on November 29, a weekly loss of C$7.40, after falling below C$700 on November 23. A Winnipeg trader said canola could rebound C$20 to C$40 per tonne if soyoil holds its strength, while slower exports weigh on prices.
Canola prices are tied to soyoil and South American weather, and Statistics Canada's December 4 crop estimate could move ICE futures further.
grainews.caGFM Network NewsNov 29, 2023Not 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.
