# Coronavirus fears dampening canola futures | The Western Producer

> ICE canola futures fell to fresh contract lows on February 28, 2020, though they settled with small declines. Weakness in global financial and energy markets over coronavirus fears weighed on prices, while a weaker Canadian dollar provided some support. Soybean futures also fell as Brazil's harvest advanced, and the USDA reported 135,000 tonnes of soymeal sales to the Philippines.

- Date: 2020-03-01 · published 2020-03-01T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/12542-coronavirus-fears-dampening-canola-futures-the-western-producer
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Canola and soybean weakness reflects coronavirus-driven selling and cheaper Brazilian beans displacing US exports, while firm soymeal demand and Argentine export tariff expectations partly support meal prices.

## Read by commodity

- SBM: bullish ▲
- SOY: bearish ▼
- CORN: neutral
- CANMEAL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2020-02-25 | [Coronavirus spread pressures grains, oilseeds - Brownfield Ag News](https://feedsoft.ai/events/12543-coronavirus-spread-pressures-grains-oilseeds-brownfield-ag-news.md) | +1.9% | +1.1% |
| SOY | 2020-04-07 | [Coronavirus Sends Crop and Livestock Prices into a Tailspin \| Farm Bureau Intel Markets \| American Farm Bureau Federation](https://feedsoft.ai/events/5743-coronavirus-sends-crop-and-livestock-prices-into-a-tailspin-farm-bureau-intel.md) | -1.0% | -2.0% |
| SOY | 2020-03-01 | [Grains, like economy, trend lower on coronavirus concerns - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/12541-grains-like-economy-trend-lower-on-coronavirus-concerns-agweek-1-source-for.md) | -0.0% | -0.2% |
| SOY | 2022-07-07 | [What Do Recent Falling Feed Prices Mean For Dairy Producers? - EDairy News English](https://feedsoft.ai/events/8551-what-do-recent-falling-feed-prices-mean-for-dairy-producers-edairy-news-english.md) | +0.5% | -1.4% |
| SOY | 2016-11-22 | [Covering the Floor Price](https://feedsoft.ai/events/73883-covering-the-floor-price.md) | +2.2% | -1.5% |
| SBM | 2020-03-30 | [Corn slumps as ethanol makers feel coronavirus constraints \| Financial Post](https://feedsoft.ai/events/54164-corn-slumps-as-ethanol-makers-feel-coronavirus-constraints-financial-post.md) | -6.2% | -11.7% |
| SBM | 2021-07-07 | [What does inflation mean for milk prices? - Dairy Producer](https://feedsoft.ai/events/46216-what-does-inflation-mean-for-milk-prices-dairy-producer.md) | -0.5% | -2.0% |
| SBM | 2022-07-15 | [Runaway price hikes has soy farmers hoarding all they can \| Buenos Aires Times](https://feedsoft.ai/events/14022-runaway-price-hikes-has-soy-farmers-hoarding-all-they-can-buenos-aires-times.md) | -10.3% | +4.6% |

## Sources

- producer.com: https://www.producer.com/daily/coronavirus-fears-dampening-canola-futures/

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