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DTN analysis says the November canola contract closed at $510.30 per tonne last week, near the middle of its five-year price range for that week. The 2016/17 crop year ends with record exports near 11 million tonnes and crush above 9 million tonnes.
Markets show little urgency despite tight expected carryout and declining Prairie crop conditions.
Weakening spreads and a neutral price position suggest the market is not yet pricing in the tight 2017/18 supplies, so near-term canola meal support remains limited.
dtnpf.comCliff JamiesonJul 31, 2017Not 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.
