# Rapeseed prices rose 9.2% for the week amid drought in the US and Canada and forecasts of a reduced crop in Australia

> Paris August rapeseed futures rose 9.2% in the week to €473.5/t, after a low on May 30. The gain followed ABARES cutting its Australian canola forecast to 4.9 million tonnes from a record 8.2 million, and dry weather in the US and Canada lifted speculative buying.

- Date: 2023-06-19 · published 2023-06-19T12:00:00.000Z
- Category: weather · region Australia · magnitude medium
- Page: https://feedsoft.ai/events/35593-rapeseed-prices-rose-9-2-for-the-week-amid-drought-in-the-us-and-canada-and
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A sharply smaller Australian canola crop and North American dryness tighten global oilseed supply, supporting canola meal and oil prices.

## Read by commodity

- SBO: bullish ▲
- SOY: bullish ▲
- CANMEAL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2021-08-31 | [Rapeseed and canola prices supported by lower crop forecasts in Canada](https://feedsoft.ai/events/45664-rapeseed-and-canola-prices-supported-by-lower-crop-forecasts-in-canada.md) | -1.2% | +0.0% |
| SBO | 2025-06-17 | [Rapeseed and canola prices continue to rise amid rising oil prices and declining harvest forecasts](https://feedsoft.ai/events/24336-rapeseed-and-canola-prices-continue-to-rise-amid-rising-oil-prices-and.md) | -3.8% | -1.6% |
| SBO | 2023-04-19 | [Soybean and soybean oil prices are rising amid another cut in Argentina’s crop forecasts](https://feedsoft.ai/events/36470-soybean-and-soybean-oil-prices-are-rising-amid-another-cut-in-argentina-s-crop.md) | -2.8% | -13.5% |
| SBO | 2022-09-19 | [Sunflower prices in Ukraine are rising against the backdrop of a low harvest, long rains and rising rapeseed prices](https://feedsoft.ai/events/39703-sunflower-prices-in-ukraine-are-rising-against-the-backdrop-of-a-low-harvest.md) | -5.4% | -5.7% |
| SBO | 2020-11-25 | [Reduction in sowing areas of winter rape in Ukraine and the EU contributes to higher prices](https://feedsoft.ai/events/50258-reduction-in-sowing-areas-of-winter-rape-in-ukraine-and-the-eu-contributes-to.md) | -1.6% | +8.6% |
| SOY | 2023-04-19 | [Soybean and soybean oil prices are rising amid another cut in Argentina’s crop forecasts](https://feedsoft.ai/events/36470-soybean-and-soybean-oil-prices-are-rising-amid-another-cut-in-argentina-s-crop.md) | -4.9% | -10.2% |
| SOY | 2020-03-16 | [AgRural reduces soybean forecast for 19/20 crop due to drought in Rio Grande do Sul - DatamarNews](https://feedsoft.ai/events/53980-agrural-reduces-soybean-forecast-for-19-20-crop-due-to-drought-in-rio-grande-do.md) | +1.9% | +0.9% |
| SOY | 2022-01-17 | [Brazil’s Drought Reduces Grain Harvest Forecasts](https://feedsoft.ai/events/13749-brazil-s-drought-reduces-grain-harvest-forecasts.md) | +3.4% | +15.7% |

## Sources

- ukragroconsult.com: https://ukragroconsult.com/en/news/rapeseed-prices-rose-9-2-for-the-week-amid-drought-in-the-us-and-canada-and-forecasts-of-a-reduced-crop-in-australia/

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