# ICE weekly outlook: Canola selloff shows signs of slowing - Manitoba Co-operator

> ICE November canola futures fell to five-month lows in early July but settled above $800 per tonne as the selloff lost momentum. Chicago soyoil declined heavily, while European rapeseed gains helped support canola. Farmer selling has eased, and the Canadian dollar's weakness is providing some support.

- Date: 2022-07-07 · published 2022-07-07T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/12505-ice-weekly-outlook-canola-selloff-shows-signs-of-slowing-manitoba-co-operator
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Canola crush margins are still solid despite the soyoil decline, which supports demand for meal. Prices may stabilise unless US markets weaken further, but weather on the Prairies will be a key factor.

## Read by commodity

- SBO: bearish ▼
- CANMEAL: neutral

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CANMEAL | 2022-07-11 | 1 | -8.4% | -2.9 | Early-July canola selloff to five-month lows, driven by a sharp drop in soyoil, is the same downward pressure that plausibly fed into the one-day meal drop, though the dated 07-07 report precedes the 07-11 move. |

## Sources

- manitobacooperator.ca: https://www.manitobacooperator.ca/daily/ice-weekly-outlook-canola-selloff-shows-signs-of-slowing/

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