# Optimism high for future of canola despite recent Sask. droughts

> Paris rapeseed futures closed at €463.75/t, down €2.50/t, following Malaysian palm oil weakness. Traders are awaiting Malaysian Palm Oil Board data, and Canadian rainfall shortfalls are bringing production potential into focus, with global rapeseed stocks-to-use forecast to rise to 7.5% for 2023/24.

- Date: 2023-08-30 · published 2023-08-30T12:00:00.000Z
- Category: weather · region Canada · magnitude low
- Page: https://feedsoft.ai/events/34693-optimism-high-for-future-of-canola-despite-recent-sask-droughts
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Rising global rapeseed stocks point to ample supply that caps prices, but Canadian dryness is a risk that could tighten the balance if yields fall further.

## Read by commodity

- CANMEAL: bullish ▲
- PALMOIL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2017-01-17 | [Canola acres seen rising on high prices - AgCanada](https://feedsoft.ai/events/73084-canola-acres-seen-rising-on-high-prices-agcanada.md) | 0.0% | -1.7% |
| PALMOIL | 2017-10-04 | [Palm oil production to revive following departure of El Niño](https://feedsoft.ai/events/5643-palm-oil-production-to-revive-following-departure-of-el-nino.md) | +0.9% | +2.8% |
| PALMOIL | 2016-11-29 | [Fitch: Further CPO price rise to be constrained, despite rising biodiesel demand \| The Star](https://feedsoft.ai/events/10933-fitch-further-cpo-price-rise-to-be-constrained-despite-rising-biodiesel-demand.md) | +5.3% | +4.6% |
| PALMOIL | 2024-07-11 | [La Nina weather 70% likely to develop in Aug-Oct, says US forecaster \| Reuters](https://feedsoft.ai/events/4456-la-nina-weather-70-likely-to-develop-in-aug-oct-says-us-forecaster-reuters.md) | +0.9% | -1.4% |
| PALMOIL | 2023-09-28 | [Malaysia 2024 palm oil output to rise despite El Nino - govt \| Reuters](https://feedsoft.ai/events/34218-malaysia-2024-palm-oil-output-to-rise-despite-el-nino-govt-reuters.md) | -2.3% | -3.9% |

## Sources

- thestarphoenix.com: https://thestarphoenix.com/news/saskatchewan-news/droughts-arent-withering-optimism-for-future-of-canola-in-saskatchewan/

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