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ICE nearby canola futures broke $1,000 a tonne for the first time on May 7 as short positions were squeezed. Statistics Canada put March 31 crop stocks at 6.6 million tonnes, slightly below trade expectations and down from 10.6 million a year earlier.
Corn and soybeans also hit multi-year highs.
Canadian canola stocks at multi-year lows tighten the export and crush supply chain, which supports oilseed meal and feed prices. Expectations of further gains were a factor in the rally.
brecorder.comReutersMay 8, 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.
