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Analyst Errol Anderson of ProMarket Communications said new-crop ICE canola is likely to stay well below $700 per tonne without fresh demand-side bullish news. He flagged that the November contract could fall to $620, with support at $650, and that China is cutting soymeal purchases in favour of cheaper feed wheat.
Weak canola and soymeal demand from China and soft crude oil keep vegetable oil and meal prices under pressure, which lowers the cost of protein meal inputs for feed buyers.
grainews.caGFM Network NewsMay 25, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
