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Local Canadian canola prices have risen on Argentina's drought, which has cut soybean crop projections by three million tonnes. Some 76% of Argentine crops are rated poor to very poor, and China has reportedly shifted purchases toward South American soybeans amid its trade tensions with the US.
Argentine soybean losses tighten global oilseed supply and support oilseed meal and oil prices, with canola following soybeans as a substitute oilseed.
ink.urjschool.caBrendan EllisMar 5, 2018Not enough comparable past events yet for a historical read.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% 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.
