Canola Market Outlook: June 27, 2022
Weekly canola market outlook provided by Marlene Boersch of Mercantile Consulting Venture Inc.
Key Points for the Week:
Soybeans – The CBOT soybean complex was up Friday, but still ended the week with sharp losses. The losses were linked to concerns about demand rather than supply.
Fears about looming recessions progressively took hold of market sentiment.
Canola – Total canola disappearance during the first 46 weeks of the crop year amounted to 13.1 million MT compared to 19.3 million MT last YTD.
Matif rapeseed fell to its lowest level since early March (pre-war in Ukraine) on a mix of an early start to the harvest and ongoing policy moves at the G7 meetings to curb production and the use of crop-based biofuel.
Crushers and exporters have dropped their bids for canola, but the chart looks oversold, so there are still better chances.