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Trader Ken Ball says canola no longer moves independently and will follow oil and meal markets, with old-crop canola a stale bull market. USDA cut its 2021/22 South American soybean forecasts, lowering Argentina to 45 million tonnes and Brazil to 134 million tonnes.
Cuts to South American soybean output tighten global supply and support soybean meal and canola prices, while new-crop canola remains attractively valued.
agcanada.comAGCanadaFeb 9, 2022After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
