This week s USDA report has forecast global wheat stocks to fall for a second year in 2021-22, while the stocks held by the eight major exporters continue to fall as a percent of the total estimated stocks.
Palm oil futures showed weakness this week, breaching several technical support levels. Meanwhile, recent USDA data shows the global vegetable oil stocks/use ratio falling to its lowest level seen in 24 years in 2021-22.
According to USDA data, the year-over-year percentage change in canola/rapeseed demand has slowed over time. Recent years have seen this increase stabilize, although demand is forecast at a record level for a third straight year in 2021-22 and the challenge to produce continues.
The Canadian dollar has traded within an 80-basis point range since mid-May, with the upper end of the range posing a challenge at $0.83 CAD/USD. Today s Bank of Canada release may not be viewed as favourable for Canadian dollar bulls.