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DTN analyst Cliff Jamieson compared canola prices with Canadian and global stocks-to-use ratios, drawing on USDA's October Oilseeds report. USDA cut Canadian canola production by 400,000 metric tons to 17.8 million and lowered global consumption.
Global ending stocks were revised slightly higher to 6.226 million tonnes.
Tight stocks-to-use ratios support canola prices, while the lower USDA production estimate adds to supply concerns. The report shows little overall change in the global balance.
dtnpf.comCliff JamiesonOct 12, 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.
