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Canola oil prices have risen sharply after a 2021 heatwave and drought in Western Canada cut yields, with prices up about 41% from the early August heatwave. Canola crush through the first three months of 2021/22 was down 9% year on year, and China is buying only limited Canadian volumes.
Reduced Canadian supply and weaker crush push canola oil prices higher, which encourages buyers to switch to substitute vegetable oils. This supports soybean oil demand and prices.
ehnewspaper.caSalena SharmaDec 18, 2021Not enough comparable past events yet for a historical read.
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.
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.
