# ICE weekly outlook: More room to the downside for canola  - Grainews

> Canola futures hit lows not seen since June as winter seasonal weakness and a record fund short position weighed on prices. An analyst expects limited further selling power from funds but sees the overall trend remaining lower. Vegetable oil markets weakened on higher palm oil output in Indonesia and Malaysia and a larger Argentine soybean crop.

- Date: 2024-01-03 · published 2024-01-03T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/11435-ice-weekly-outlook-more-room-to-the-downside-for-canola-grainews
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Expanded palm and soy oil supply and lower canola crush margins point to continued downward pressure on canola and related meal and oil values. Buyers of canola meal can expect a softer price environment in the near term.

## Read by commodity

- SBO: bearish ▼
- CANMEAL: bearish ▼
- PALMOIL: bearish ▼

## Sources

- grainews.ca: https://www.grainews.ca/daily/ice-weekly-outlook-more-room-to-the-downside-for-canola/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.