# ICE Weekly: ‘Soyoil scare’ fuels canola’s comeback - Grainews

> Canola November futures on ICE recovered more than C$50 from late June lows to close at C$652.70 on July 3. The rally followed a rise in Chicago soybean oil after Indonesia floated 100-200% tariffs on Chinese goods, triggering short covering and fund buying.

- Date: 2024-07-03 · published 2024-07-03T12:00:00.000Z
- Category: trade · region Indonesia · magnitude medium
- Page: https://feedsoft.ai/events/12750-ice-weekly-soyoil-scare-fuels-canola-s-comeback-grainews
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Tariff tensions tied to vegetable oil trade raise the chance of Chinese purchases of Malaysian palm oil and support canola and soy oil values. Canola meal, a feed ingredient, may firm alongside oilseed prices.

## Read by commodity

- SBO: bullish ▲
- CANMEAL: bullish ▲
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBO | 2024-07-08 | 5 | +10.4% | 2.8 | Chicago soyoil's rise on Indonesia tariff talk spilled into canola, confirming the trigger and fund buying and short covering. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2025-07-02 | [ICE Weekly: Trade talks, weather lifting canola prices - Grainews](https://feedsoft.ai/events/23873-ice-weekly-trade-talks-weather-lifting-canola-prices-grainews.md) | +1.1% | +2.9% |
| SBO | 2017-10-25 | [ICE weekly outlook: Canola enjoying broad-based support - Grainews](https://feedsoft.ai/events/68551-ice-weekly-outlook-canola-enjoying-broad-based-support-grainews.md) | +1.2% | -0.5% |
| SBO | 2026-07-17 | [Weather helps fuel Friday gains in soybeans, corn, wheat - Brownfield Ag News](https://feedsoft.ai/events/10789-weather-helps-fuel-friday-gains-in-soybeans-corn-wheat-brownfield-ag-news.md) | -0.2% | -4.6% |
| SBO | 2025-03-21 | [W11 2025: Soybean Oil Weekly Update](https://feedsoft.ai/events/25673-w11-2025-soybean-oil-weekly-update.md) | +1.8% | +9.9% |
| SBO | 2026-02-04 | [U.S. grains: Chicago soybeans jump to two-month high on Trump comments - Grainews](https://feedsoft.ai/events/20639-u-s-grains-chicago-soybeans-jump-to-two-month-high-on-trump-comments-grainews.md) | +2.6% | +11.1% |
| PALMOIL | 2019-04-23 | [On track for increased palm oil exports? Malaysia’s revival of China-backed mega rail project fuels hopes](https://feedsoft.ai/events/59677-on-track-for-increased-palm-oil-exports-malaysia-s-revival-of-china-backed-mega.md) | -0.4% | -6.6% |
| PALMOIL | 2023-07-19 | [Top buyer India's sunflower oil imports to fall as Black Sea grain deal expires](https://feedsoft.ai/events/35172-top-buyer-india-s-sunflower-oil-imports-to-fall-as-black-sea-grain-deal-expires.md) | +1.6% | -2.8% |
| PALMOIL | 2026-03-02 | [ICE Closing Review: Middle East, China push up canola prices \| The Western Producer](https://feedsoft.ai/events/20293-ice-closing-review-middle-east-china-push-up-canola-prices-the-western-producer.md) | +5.0% | +8.4% |

## Sources

- grainews.ca: https://www.grainews.ca/daily/ice-weekly-soyoil-scare-fuels-canolas-comeback/

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