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The Western Producer reports that China bought about 5.1 million tonnes of canola in the crop year ending in September, well above the USDA's January forecast of 2.5 million tonnes. Analysts attribute the purchases to Canada's production rebound, Australia's record crop and strong global vegetable oil prices.
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 28, 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.
