# Canada Know-Risk Market Outlook | Canola Hitting Resistance

> StoneX says November canola hit resistance at C$650 per tonne, the 50-day moving average, after heat in the EU, Ukraine and Western Canada lifted it about C$50 that week. Analysts see wheat as the strongest bullish story because European quality and protein are poor and major exporter stocks are tight.

- Date: 2024-07-19 · published 2024-07-19T12:00:00.000Z
- Category: weather · region Europe · magnitude medium
- Page: https://feedsoft.ai/events/12836-canada-know-risk-market-outlook-canola-hitting-resistance
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md)

## Why it matters

European wheat quality problems and tight exporter stocks support wheat prices, while large US and Brazilian soybean supplies cap canola rallies.

## Read by commodity

- WHEAT: bullish ▲
- KWHEAT: bullish ▲
- CANMEAL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2017-07-31 | [Canola market dips to rally, heat stress hits wheat crops - AgCanada](https://feedsoft.ai/events/69929-canola-market-dips-to-rally-heat-stress-hits-wheat-crops-agcanada.md) | +6.2% | -1.0% |
| WHEAT | 2021-06-14 | [Canadian Drought Outlook - agriculture.canada.ca](https://feedsoft.ai/events/46481-canadian-drought-outlook-agriculture-canada-ca.md) | +5.8% | -5.4% |
| WHEAT | 2021-07-30 | [Feed weekly outlook: Reduced yields starting to become a reality  - AgCanada](https://feedsoft.ai/events/46130-feed-weekly-outlook-reduced-yields-starting-to-become-a-reality-agcanada.md) | +1.6% | +2.4% |
| WHEAT | 2024-03-25 | [France lowers 2024-25 wheat production outlook \| Latest Market News](https://feedsoft.ai/events/31149-france-lowers-2024-25-wheat-production-outlook-latest-market-news.md) | -0.6% | +1.9% |
| WHEAT | 2024-09-16 | [Corn market outlook, supply and cost management challenges - Fastmarkets](https://feedsoft.ai/events/28324-corn-market-outlook-supply-and-cost-management-challenges-fastmarkets.md) | -2.2% | +4.0% |
| KWHEAT | 2017-07-31 | [Canola market dips to rally, heat stress hits wheat crops - AgCanada](https://feedsoft.ai/events/69929-canola-market-dips-to-rally-heat-stress-hits-wheat-crops-agcanada.md) | -4.5% | -15.9% |
| KWHEAT | 2021-08-30 | [Canada's Wheat Crop Reaches 14-Year Low, Canola Harvest Shrivels \| ESM Magazine](https://feedsoft.ai/events/45663-canada-s-wheat-crop-reaches-14-year-low-canola-harvest-shrivels-esm-magazine.md) | +0.4% | +1.2% |
| KWHEAT | 2024-04-22 | [U.S. grains: Wheat futures rally as weather risks rattle markets - AgCanada](https://feedsoft.ai/events/12140-u-s-grains-wheat-futures-rally-as-weather-risks-rattle-markets-agcanada.md) | +11.1% | +13.8% |

## Sources

- stonex.com: https://www.stonex.com/en/insights/canada-know-risk-market-outlook-canola-hitting-resistance-1510564/

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