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ICE May canola fell to a contract low of C$455 per tonne on Tuesday and settled at C$456.50, down from around C$490 at the start of 2020. Analysts said the market may stabilize after oversold conditions, while vegetable oil markets have trended lower for two months amid coronavirus risk-off sentiment and rail blockades.
Weaker canola and vegetable oil prices reflect demand worries from the virus and transport disruption in Canada, pointing to softer canola meal and oil values for feed buyers, with limited rally prospects until China buying clarifies.
grainews.caPhil Franz-Warkentin, GFM Network NewsFeb 27, 2020Not enough comparable past events yet for a historical read.
Not 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.
