We anticipated a Canola production print that would be below 14m but at 13.4 it will be a decently Bullish surprise to the market even though it was within the expectation range and it comes in well below last report of 15.4.
We had already signaled a Key reversal to the downtrend yesterday and today’s price action should be positive so as always – watch the close today and an attack on key Fib levels over the next few days.
Almost all Crops coming in at the low end of expectations except Oats. So a Bullish report in general for our area.