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ICE canola futures plunged on May 13 as profit-taking followed record highs in US grains and oilseeds. July canola fell by the expanded daily limit of $45 to $857.30 a tonne, and November fell $17.80 to $736.90.
Dry Canadian conditions continued to support new-crop prices, and Saskatchewan planting was well ahead of normal.
High prices reduced canola demand and triggered fund liquidation, which pushed prices sharply lower. Ahead of the season, the drop can ease input costs for oilseed meal buyers.
brecorder.comReutersMay 15, 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.
