# ICE weekly outlook: Don’t bank on $700 canola, analyst suggests - Grainews

> Analyst Errol Anderson of ProMarket Communications said new-crop ICE canola is likely to stay well below $700 per tonne without fresh demand-side bullish news. He flagged that the November contract could fall to $620, with support at $650, and that China is cutting soymeal purchases in favour of cheaper feed wheat.

- Date: 2023-05-25 · published 2023-05-25T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/36050-ice-weekly-outlook-don-t-bank-on-700-canola-analyst-suggests-grainews
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Weak canola and soymeal demand from China and soft crude oil keep vegetable oil and meal prices under pressure, which lowers the cost of protein meal inputs for feed buyers.

## Read by commodity

- SBM: bearish ▼
- WTI: bearish ▼
- CANMEAL: bearish ▼

## Sources

- grainews.ca: https://www.grainews.ca/daily/ice-weekly-outlook-dont-bank-on-700-canola-analyst-suggests/

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