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The ICE canola market weakened on Thursday but recovered from its lows as chart support broke. Losses in European rapeseed and Chicago soyoil spilled over into Canada, while Indonesian palm oil exports rose.
Soybean futures hit 10-year highs ahead of the USDA report, and Brazil was considering raising its biodiesel blend from 10 to 15 percent.
Rising vegetable oil supply from Indonesia and falling European and Chicago oil prices pressure canola and meal values, while a possible Brazilian biodiesel mandate increase would support soyoil demand and soybean crush margins.
ukragroconsult.comJun 10, 2022Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
Canola weakness on June 9-10 from losses in European rapeseed and Chicago soyoil, with broken chart support, points to the start of the selloff in the oilseed complex, though it predates the June 13 drop.
