# Canada Know-Risk Market Outlook | Dry Conditions Stress Canola

> StoneX notes November canola near $830 after a gain of over $100 since June 30, driven by dry Western Canada and lower US soybean acres. The USDA pegs canola production near 20 MMT, while the trade expects 17 to 18 MMT.

- Date: 2023-07-17 · published 2023-07-17T12:00:00.000Z
- Category: weather · region Canada · magnitude medium
- Page: https://feedsoft.ai/events/35146-canada-know-risk-market-outlook-dry-conditions-stress-canola
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

If production falls below 19 MMT, export demand rationing would be needed, implying further upside for canola meal and feed supply tightness.

## Read by commodity

- SOY: bullish ▲
- CANMEAL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2024-05-31 | [Poultry Market Outlook - May - Ceva Poultry](https://feedsoft.ai/events/30387-poultry-market-outlook-may-ceva-poultry.md) | -0.8% | -4.9% |
| SOY | 2023-06-22 | [Continuing dry conditions in the northern hemisphere strengthen markets \| The Land \| NSW](https://feedsoft.ai/events/35547-continuing-dry-conditions-in-the-northern-hemisphere-strengthen-markets-the.md) | -4.2% | -1.3% |
| SOY | 2018-05-23 | [ICE weekly outlook: Weather, U.S./China relations influence canola \| Farmtario](https://feedsoft.ai/events/64994-ice-weekly-outlook-weather-u-s-china-relations-influence-canola-farmtario.md) | -0.7% | -13.7% |
| SOY | 2022-12-26 | [Dry Conditions Slow Soybean Planting in Rio Grande do Sul, Brazil](https://feedsoft.ai/events/13684-dry-conditions-slow-soybean-planting-in-rio-grande-do-sul-brazil.md) | +0.6% | +1.6% |
| SOY | 2018-03-22 | [Market trends: Spike in feed cost sees rations rise - Poultry World](https://feedsoft.ai/events/66077-market-trends-spike-in-feed-cost-sees-rations-rise-poultry-world.md) | -1.1% | +0.7% |

## Sources

- stonex.com: https://www.stonex.com/en-gb/insights/canada-know-risk-market-outlook-dry-conditions-stress-canola/

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