Soy oil dragging Canola higher?

[AlbertaFarmer5]

It looks like soy oil just broke through resistance, making new 6 month high, up ~40 cents today alone. Rising over 10% since Christmas, with palm oil on roughly the same path.

Canola appears to be begrudgingly being drug along, up by the same magnitude as soy oil today.

No news that I can see, beginning of something, or not?

[TASFarms]

2.6 million tons of soy sold to China

[farming101]

While there doesn't seem to be much news, (might have been more if not for the US shutdown),
the situation in Argentina with the short crop last year could be having a bit of an impact.
Argentina is the world's largest soymeal and soyoil exporter. Their soybean crop was reduced by 30% last year.
Imports of soybeans have partially bridged the gap but it stands to reason that there may be lower stocks of oil available.

https://efarmnewsar.com/2019-01-25/industry-crush-the-smallest-volume-of-soybean-since-2013.html https://efarmnewsar.com/2019-01-25/industry-crush-the-smallest-volume-of-soybean-since-2013.html

Canola oil prices up to Nov 18


While it seems likely we will see an end to the drop in canola values in here somewhere, whether they go much higher is another question altogether. The May canola contract might take another week or two to tell us much

Awaiting the next WASDE tomorrow