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Canola futures rose after the January WASDE cut US soybean, corn and wheat ending stocks, with March canola closing up C$14.10 at C$686.90 per tonne, a contract high. An analyst warned canola may soon become more price-sensitive.
Spillover from USDA cuts to US grain stocks lifted canola to new highs, which raises canola meal costs for feed buyers. Tight global oilseed supplies keep the price outlook firm.
agcanada.comAGCanadaJan 14, 2021Not enough comparable past events yet for a historical read.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
