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Canola futures remain expensive as traders expect a much smaller Canadian crop than the 20 million tonnes first forecast, with estimates of 13 to 17 million tonnes. Anecdotal reports of yields as low as 5 to 6 bushels per acre compare with USDA's 32.85 bu/ac assumption.
Statistics Canada's survey report is due 30 August.
Tight canola supply and price rationing keep canola above other edible oils, supporting canola meal and oil prices. The upcoming StatCan report could move prices sharply if it confirms a smaller crop.
agcanada.comAGCanadaAug 18, 2021Not enough comparable past events yet for a historical read.
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.
