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ICE November 2020 canola reached its strongest level in three months in early July, hitting an intersession high of C$482 per tonne before settling below C$480. Analysts say resistance is holding, and the market needs continued gains in European rapeseed and CBOT soyoil to push higher.
Canola's direction is tied to vegetable oil markets and weather in western Canada, which could drive yield expectations and meal supply.
grainews.caPhil Franz-Warkentin, GFM Network NewsJul 9, 2020Not 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.
