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StoneX's Canada market outlook reports that China is maintaining its zero-COVID policy, and traders are debating what this means for Chinese canola imports. Many had hoped China would return to buying about four million tonnes of canola in the next marketing year.
Canola was trading roughly $150 to $200 per tonne over soybeans, which StoneX says favors canola over soybeans for Chinese buyers.
Uncertainty over Chinese canola demand weighs on canola prices, while a wide canola premium over soybeans supports strong domestic crush. Canola meal supply from crushing may remain ample even if exports are lower.
stonex.comCraig TurnerNov 7, 2022Not enough comparable past events yet for a historical read.
After 250 past neutral trade events, Soybeans moved a median +0.0% over 5 sessions (50% higher; middle half -1.4% to +1.6%), and -0.2% 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.
