# Prices of crops, oil bounce back from late summer lows | The Western Producer

> Wheat production estimates fell due to weather problems in Russia and Argentina, lifting wheat futures. Crude oil prices rebounded on fears of a wider Middle East war involving Israel and Hezbollah, and Chinese importers appear to be buying Canadian canola early ahead of a possible anti-dumping duty.

- Date: 2024-10-15 · published 2024-10-15T12:00:00.000Z
- Category: weather · region Global · magnitude low
- Page: https://feedsoft.ai/events/27969-prices-of-crops-oil-bounce-back-from-late-summer-lows-the-western-producer
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower wheat output and early Chinese canola buying tighten supplies for feed grains and oilseed meal, while higher crude oil supports vegetable oil prices.

## Read by commodity

- WTI: bullish ▲
- WHEAT: bullish ▲
- CANMEAL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2021-08-30 | [Exports to bear brunt of short crop \| The Western Producer](https://feedsoft.ai/events/45541-exports-to-bear-brunt-of-short-crop-the-western-producer.md) | +0.2% | +0.5% |
| WHEAT | 2023-07-26 | [‘It’s crop insurance territory’ \| The Western Producer](https://feedsoft.ai/events/34993-it-s-crop-insurance-territory-the-western-producer.md) | -0.6% | -3.2% |
| WHEAT | 2017-07-27 | [Crop futures higher Thurs. on dry weather \| The Western Producer](https://feedsoft.ai/events/70067-crop-futures-higher-thurs-on-dry-weather-the-western-producer.md) | +6.5% | -1.1% |
| WHEAT | 2021-09-02 | [Exports to drop as crop shrinks \| The Western Producer](https://feedsoft.ai/events/45047-exports-to-drop-as-crop-shrinks-the-western-producer.md) | +1.3% | +1.1% |
| WHEAT | 2026-05-05 | [Drought, frost provide lift for U.S. hard red wheat price \| The Western Producer](https://feedsoft.ai/events/19313-drought-frost-provide-lift-for-u-s-hard-red-wheat-price-the-western-producer.md) | +1.8% | -0.2% |
| WTI | 2020-08-28 | [-Oil prices dip as producers, refiners avoid worst of hurricane \| Reuters](https://feedsoft.ai/events/51781-oil-prices-dip-as-producers-refiners-avoid-worst-of-hurricane-reuters.md) | -3.6% | -6.5% |
| WTI | 2022-10-01 | [Oil rises from 9-month low on U.S. Gulf supply cuts, softer dollar](https://feedsoft.ai/events/39751-oil-rises-from-9-month-low-on-u-s-gulf-supply-cuts-softer-dollar.md) | +16.5% | +10.2% |
| WTI | 2024-09-12 | [Oil rises 2% as storm batters US Gulf of Mexico production](https://feedsoft.ai/events/10166-oil-rises-2-as-storm-batters-us-gulf-of-mexico-production.md) | +5.3% | +8.4% |

## Sources

- producer.com: https://www.producer.com/markets/prices-of-crops-oil-bounce-back-from-late-summer-lows/

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