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Manitoba farmers could lock in canola at $1,021 a tonne for August delivery with crusher Bunge on May 5, a basis about $100 a tonne over futures. May canola futures hit a record $933.90 a tonne that month.
Analysts expect prices to reach $1,000 a tonne or more.
Tight old-crop supplies and a strong positive basis raise the cost of canola for crushers, and therefore for canola meal used in feed. Farmers may hold back new-crop sales if drought fears persist.
manitobacooperator.caAllan DawsonMay 13, 2021Not 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.
