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RBC analyst Tony Tryhuk expects Canadian canola sowing to rise about 5% to a record 24 million acres in 2019. Canada shipped 4.6 million tonnes of canola from August to January 13, down about 9% year on year.
Cheaper soybeans have reduced demand for Canadian canola from customers such as Mexico.
A record acreage outlook implies larger future supply, which is bearish for canola prices, while cheaper soybeans cut substitution demand for canola in the near term.
thestar.comJen Skerritt BloombergJan 18, 2019Not enough comparable past events yet for a historical read.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
