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Latest From John Buckley
Canola’s recent price ascent appeared to be stalling this week as reports of harvest progress fostered ideas that Canadian crop losses might be less severe than earlier thought.
Moribund export trade remains an anchor on palm oil prices, forced to seek support mainly from rallies in key trade rival soy oil.
A few months ago, the USDA calculated the US could end the 2019/20 season with a truly bearish surplus stock in excess of 28 million tonnes.
A brief foray over the psychologically important USD4/bushel levels (about USD157.50/tonne) this week showed traders remain on guard for possible future reductions to a weather-delayed US harvest.
Fears of rain, snow and freeze damage to late-harvested North American spring-sown crops, delayed planting in parts of Europe and lingering dryness issues in the southern hemisphere kept wheat prices on the boil this week.
Reports that India had made subsidised export sales helped cap sugar futures’ latest attempt to break out to the upside.