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Canada's smallest canola harvest in 13 years, caused by severe drought, is forcing importers such as Japan and Mexico to pay more or buy elsewhere. Canadian canola exports fell 71% year over year in early August, and ICE canola futures trade near C$900 per tonne, up more than 70% year over year.
Scarce Canadian supply pushes importers toward palm and soybean oil and lifts canola meal and oil prices, adding to global feed and food costs.
financialpost.comReutersOct 4, 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.
After 181 past bullish weather events, Palm Oil moved a median +0.5% over 5 sessions (56% higher; middle half -0.9% to +1.9%), and +0.3% 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.
