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November ICE canola closed up $25.30 to $716.60 a tonne on May 27, its first gain in eight sessions. Buying followed gains in soybeans, European rapeseed and concerns over a frost event, and the analyst noted technical support at $694.50.
Frost concerns and tight canola fundamentals support new-crop prices. The inverted spread still encourages nearby delivery and discourages storage.
dtnpf.comCliff JamiesonMay 27, 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.
