This morning, Statistics Canada released its monthly report on canola crush volumes in the Great White North, which showed a bit of a double-edged sword.
Crude oil prices have been rising, and in turn, should be bullish for oilseeds. However, other market factors are giving the edge to canola prices.
China has threatened 25% tariffs on US soybeans. Soyoil and palm oil compete for a cut of Chinese imports, so palm oil prices might get a nice boost.
There is a labor shortage in Malaysia, which will stagnate palm oil production. This leveling off of palm oil production could be good for canola prices.
Is sustainability being used as a pawn for EU business interests and about to be part of broader trend to get into a trade war?
The saga of import tariffs in India has met its match this February, as palm oil imports were 8% higher than last February.
China is turning off palm oil imports and instead, looking more and more to soybeans or canola.
Soybean and canola prices pushed higher again on Friday as bullish Argentine weather continues to pile on the speculators.