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ICE canola futures climbed over the week to the top of a three-month range, moving alongside strength in crude oil and natural gas. Analysts describe canola as trading as an energy play, with European rapeseed record highs also feeding sentiment.
Tight Canadian supplies from the Prairie drought remain a underlying support.
Canola prices are being driven more by energy market momentum than by crop fundamentals, so a reversal in crude or gas could end the rally. Buyers should watch energy and European rapeseed for price direction.
grainews.caPhil Franz-Warkentin, GFM Network NewsOct 6, 2021Not enough comparable past events yet for a historical read.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), 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.
