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ICE canola futures hit new highs on Thursday, rising independently of weaker Chicago soybeans and Malaysian palm oil. USDA also issued preliminary 2021 planted acreage estimates forecasting 90 million soybean acres versus 83.1 million in 2020.
Canola ending stocks are tightening, so prices are being rationed, while the large projected US soybean acreage is bearish for soybean and meal prices ahead of the official March acreage report.
ukragroconsult.comFeb 19, 2021Not enough comparable past events yet for a historical read.
After 788 past bearish report events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, SBM moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
