# Commercial Bearishness an Anchor on New-Crop Canola

> 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.

- Date: 2017-02-06 · published 2017-02-06T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/72599-commercial-bearishness-an-anchor-on-new-crop-canola
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Expected record canola plantings and rebounding palm oil output add supply pressure on vegetable oil and oilseed prices, capping new-crop canola rallies.

## Read by commodity

- SOY: bearish ▼
- CANMEAL: bearish ▼
- PALMOIL: bearish ▼

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/blogs/canada-markets/blog-post/2017/02/06/commercial-bearishness-anchor-new

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.