# Dry weather in Canada is fueling speculative canola prices

> Rain on the Canadian Prairies brought temperatures to normal and stressed canola, with little precipitation forecast for Saskatchewan. November canola futures in Winnipeg rose 16% over the month, and US soybean futures gained on dry forecasts.

- Date: 2023-07-19 · published 2023-07-19T12:00:00.000Z
- Category: weather · region Canada · magnitude medium
- Page: https://feedsoft.ai/events/35145-dry-weather-in-canada-is-fueling-speculative-canola-prices
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Dry Prairie weather threatens canola output, lifting canola meal prices and supporting feed costs, though the rally is partly speculative.

## Read by commodity

- SOY: bullish ▲
- CANMEAL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2020-04-08 | [Continues the speculative rise in prices for soybean and sunflower oil](https://feedsoft.ai/events/53736-continues-the-speculative-rise-in-prices-for-soybean-and-sunflower-oil.md) | -1.5% | -2.8% |
| SOY | 2020-10-23 | [Wild weather sparking food inflation](https://feedsoft.ai/events/5718-wild-weather-sparking-food-inflation.md) | -2.0% | +9.7% |
| SOY | 2018-03-05 | [South American drought helping to increase local canola prices -](https://feedsoft.ai/events/65972-south-american-drought-helping-to-increase-local-canola-prices.md) | -3.0% | -2.4% |
| SOY | 2023-06-22 | [Dry Weather and Crop Conditions in Illinois - farmdoc](https://feedsoft.ai/events/13272-dry-weather-and-crop-conditions-in-illinois-farmdoc.md) | -4.2% | -1.3% |
| SOY | 2016-06-03 | [Futures File: Soaring prices prove pigs can fly; weather worries push grain prices higher – Greeley Tribune](https://feedsoft.ai/events/5266-futures-file-soaring-prices-prove-pigs-can-fly-weather-worries-push-grain.md) | +2.8% | +2.7% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/dry-weather-in-canada-is-fueling-speculative-canola-prices/

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