Loading…
Canola prices have declined, and analyst Errol Anderson of ProMarket Communications attributes the drop mainly to a broad commodity sell-off and a deepening global recession rather than Prairie weather. He expects crude oil to fall later in the summer and a possible weather-driven rally mid-summer that may not hold, with cash canola bids at C$17 to C$22 per bushel.
A broad risk-off move in vegetable oils and crude weighs on canola and related oilseed values, and a sharp crude drop would likely pull vegetable oil and meal prices lower further. Feed buyers face softer canola meal and oilseed input costs in the near term.
agcanada.comAGCanadaJun 30, 2022Not enough comparable past events yet for a historical read.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 40 past bearish macro events, Soybean Oil moved a median -0.8% over 5 sessions (45% higher; middle half -4.5% to +1.7%), and -1.5% 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.
