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ICE Futures Canada November canola fell below 500 dollars per tonne after a sharp weekly drop tied to US-China trade tensions and a selloff in CBOT soybeans. Speculators are selling, and an analyst expects further downside because canola still looks expensive relative to soybeans.
Most of the Canadian canola crop is reported to be in good condition.
Canola trades at a premium to a falling soybean market, so the spread points to further price weakness unless commercial demand steps in. Speculative selling adds near-term pressure on canola meal and seed.
manitobacooperator.caGFM Network News, Phil Franz-WarkentinJul 11, 2018Not 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.
