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A Canadian analysis projects higher canola crush margins for 2019-20 as global vegetable oil stocks decline. Canola oil averaged C$1,000 per tonne in early 2019, and meal averaged C$356 per tonne, down 3.5%.
Market access constraints for Canadian seed exports to China are cited as a factor.
Improving crush margins encourage crushing and support meal supply, while constrained seed exports to China keep producer prices weaker. Net effect for feed buyers is firm canola meal demand with limited upside for seed.
fcc-fac.caJun 18, 2019Not 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.
