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Canadian canola production is deteriorating after a dry spring and extreme temperatures, pushing global canola values sharply higher over the past fortnight. The USDA's 20.2 MMT Canadian estimate is seen as well above local trade estimates, some as low as 16 MMT, while Australian crop prospects are strong.
A sharp fall in Canadian canola output, the world's largest exporter, tightens global oilseed and canola meal supplies and supports prices for canola meal in feed rations.
grainbrokers.com.auGBAJul 22, 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.
