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USDA data show China bought about 5.1 million tonnes of canola in the 2022-23 crop year ending in September, far above the 2.5 million tonnes USDA forecast in January. Canada shipped 4.71 million tonnes to China, up from 1.22 million the previous year, helped by Canada's production rebound and Australia's record crop.
Strong Chinese canola demand supported canola prices over the past year, but the USDA projects lower Chinese imports in 2023-24, which weighs on the outlook for canola and related meal.
producer.comSean PrattSep 22, 2023Not enough comparable past events yet for a historical read.
After 81 past neutral trade events, Soybean Oil moved a median +0.3% over 5 sessions (56% higher; middle half -1.6% to +1.8%), and +0.9% over 20.
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.
