Canola prices in July followed soybeans prices downwards after the U.S. and China implemented a series of aggressive tariffs.
More specifically, we saw the November 2018 contract fall by 1.7% to close the month at $500.80 CAD per metric tonne. Also, the canola prices on the January 2019 contract closed at $507.40 CAD per metric tonne, down 1.9% on the month.
For our GrainCents readers, we’re watching a variety of factors that might affect canola prices: 3 are bearish, 4 are bullish, and 1 is noise.
(If you’re not familiar with what “noise” is, then we recommend you check out our GrainCents risk management process towards canola prices.)
This month, GrainCents investigated topics such as:
- Our predictions for canola prices headed into the second half of 2018;
- The declining global canola production, as seen in the July WASDE report;
- A bumper crop for Spanish rapeseed producers;
- Is this bullish factor the only hope left for 2018 grain prices?
With a trade war and tariffs creating volatile markets, it’s more important than ever to stay on top of the factors affecting canola prices. Capture market premiums with GrainCent’s sales recommendations and actionable cash grain marketing advice delivered directly to your inbox.
Especially worthwhile in your GrainCents subscription is the Canola Weekly Digest, which gets sent out every Sunday morning. In addition to recapping our cash grain sales position, this chart-fueled read provides an insightful recap of the previous week’s activity in canola markets. We also walk through, in detail, what we’re watching across the global market in the week(s) ahead that could influence canola prices.
Start making more sense of what’s affecting canola prices with a free three-week trial to GrainCents, our exclusive sales recommendation service that holds a 93% success rate on getting farmers the best price possible.