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Reuters reports on edible oil supply constraints, citing a July heatwave that scorched Canadian Prairie crops. The USDA cut its Canadian canola output estimate by 4.2 million tonnes to 16 million tonnes, the lowest since 2012-13, with rats and labour shortages also limiting recovery.
A lower USDA canola estimate tightens global vegetable oil and meal supply, supporting canola meal and soybean oil prices and feed costs.
reuters.comMei Mei ChuSep 5, 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.
