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Canadian new-crop canola futures faced resistance in the $504 to $515/mt range through late 2016 and January 2017, and the Nov/Jan spread weakened, signalling commercial bearishness. Analysts pointed to a possible record South American soybean crop, a potential record US soybean area, and a 3% rise in Canadian canola acres to a record 21 million acres.
Palm oil output is also expected to rebound.
Expected record canola plantings and rebounding palm oil output add supply pressure on vegetable oil and oilseed prices, capping new-crop canola rallies.
dtnpf.comCliff JamiesonFeb 6, 2017Not 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.
