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Bloomberg's survey of analysts expects Canadian farmers to plant about 2.7% fewer acres this year, roughly 21.9 million, the largest drop since 2019. Canola futures are near all-time highs on strong demand and disrupted Black Sea trade flows.
Smaller expected canola plantings point to tighter future supply and support canola meal and oil prices, though a bigger acreage drop would add to upward pressure.
bloomberg.comJen Skerritt, Dominic CareyApr 21, 2022Not enough comparable past events yet for a historical read.
After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% 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.
