Loading…
ICE canola futures closed higher on July 26, supported by gains in other vegetable oils and European rapeseed. Chicago soybeans also rose as crop conditions fell and hot, dry weather was forecast; Statistics Canada reported June canola deliveries down 34.5% year on year.
Hot, dry US weather and firmer vegetable oils lift soybean and canola prices, though the rally depends on whether the heat persists.
ukragroconsult.comJul 27, 2022ukragroconsult.comJul 29, 2022After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% over 20.
After 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), and -0.5% over 20.
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.
Chicago soybeans rose on July 26 as crop conditions fell and hot, dry weather was forecast, supporting the complex.
Chicago soybeans rose on falling crop conditions and hot, dry forecasts, with vegetable oil strength adding support.
