# Canola markets higher despite EPA biofuels announcement

> Canola futures rose strongly in recent weeks on Midwest and western Canada weather concerns, with the November ICE contract gaining $73 per tonne over two weeks to a three-month high. Funds exited short positions, and soybean oil fell about 400 basis points on June 21 after the EPA biofuels announcement.

- Date: 2023-06-26 · published 2023-06-26T12:00:00.000Z
- Category: weather · region Canada · magnitude medium
- Page: https://feedsoft.ai/events/35594-canola-markets-higher-despite-epa-biofuels-announcement
- 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

Weather-driven fund short covering lifts canola prices, while the disappointing EPA biofuel volumes weigh on soybean oil and limit canola gains.

## Read by commodity

- SBO: bearish ▼
- SOY: bullish ▲
- CANMEAL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2020-07-11 | [CBOT soyabean futures higher - Markets - Business Recorder](https://feedsoft.ai/events/11496-cbot-soyabean-futures-higher-markets-business-recorder.md) | +6.4% | +11.5% |
| SBO | 2024-05-16 | [Rapeseed and canola prices eased after touching multi-month highs](https://feedsoft.ai/events/30227-rapeseed-and-canola-prices-eased-after-touching-multi-month-highs.md) | +3.2% | +3.6% |
| SBO | 2021-08-10 | [US corn and soybean futures decline - Markets - Business Recorder](https://feedsoft.ai/events/12610-us-corn-and-soybean-futures-decline-markets-business-recorder.md) | -1.6% | -10.0% |
| SBO | 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) | -0.7% | -3.4% |
| SBO | 2026-07-28 | [Vegoils price commentary: CME soyoil futures down on sharply lower energy prices; CPO at highest in over a week - Fastmarkets](https://feedsoft.ai/events/8279-vegoils-price-commentary-cme-soyoil-futures-down-on-sharply-lower-energy-prices.md) | +1.2% | -2.4% |
| SOY | 2023-12-26 | [Brazil Forecasts Push Grain Markets Higher \| Tuesday, December 26, 2023](https://feedsoft.ai/events/11280-brazil-forecasts-push-grain-markets-higher-tuesday-december-26-2023.md) | -2.0% | -4.6% |
| SOY | 2021-02-18 | [Brazil soy harvest moves slowly, corn advances despite early-season drought - Markets - Business Recorder](https://feedsoft.ai/events/48463-brazil-soy-harvest-moves-slowly-corn-advances-despite-early-season-drought.md) | +2.9% | +2.5% |
| SOY | 2020-07-11 | [CBOT soyabean futures higher - Markets - Business Recorder](https://feedsoft.ai/events/11496-cbot-soyabean-futures-higher-markets-business-recorder.md) | +0.7% | -2.4% |

## Sources

- agupdate.com: https://agupdate.com/farmandranchguide/markets/crop/article_c9de4482-10a4-11ee-9d9e-4f2fafaf7b09.html

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