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ICE Futures Canada canola front-month November contract fell C$8.50 to below C$499.50 per tonne after Statistics Canada projected the 2017 crop at 18.2 million tonnes, lower than last year. StatsCan also raised the 2016 crop estimate to 19.6 million tonnes from 18.4 million.
Improving Western Canadian weather, a firmer Canadian dollar and palm oil weakness pressured canola, though tight commercial supplies keep the balance sensitive. Lower canola availability supports canola meal values for feed buyers.
grainews.caGFM Network NewsAug 31, 2017Not enough comparable past events yet for a historical read.
After 96 past bearish report events, Palm Oil moved a median -0.1% over 5 sessions (48% higher; middle half -1.3% to +1.6%), 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.
