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ICE November canola futures were expected to trade between 490 and 500 dollars per tonne as uncertainty over Western Canadian yields continued. Traders were weighing Statistics Canada's 19.2 million tonne estimate against reports that yields were better in the north and worse in the drought-hit southern Prairies.
The USDA also raised its US soybean crop forecast to 4.7 billion bushels.
Yield uncertainty in Canada and a larger US soybean crop create two-sided pressure on oilseed meal prices, with the canola direction depending on the final harvest size.
grainews.caGFM Network NewsSep 12, 2018Not enough comparable past events yet for a historical read.
After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% 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.
