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A Manitoba Co-operator column notes that Chicago soyoil and Canadian canola futures, which usually move together, diverged in April. Speculative short covering in canola propped up the front month, while soyoil was pressured by a spread against soymeal.
The divergence squeezes Canadian crush margins, which could reduce canola crush and meal output if it persists. Its effect on prices is uncertain.
manitobacooperator.caPhil Franz-WarkentinApr 21, 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.
