# ICE weekly outlook: Canola drifts downward with soybeans - Grainews

> ICE May canola closed at C$818.60/t, down C$13.10 on the week, as it tracked Chicago soybeans lower on Brazilian harvest rains. The May soybean contract lost 2.6% to US$14.9425/bu.

- Date: 2023-03-02 · published 2023-03-02T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/36965-ice-weekly-outlook-canola-drifts-downward-with-soybeans-grainews
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Canola follows soy complex and soymeal weakness from Brazilian supply, which lowers canola meal and crush economics for feed buyers.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼
- CANMEAL: bearish ▼

## Sources

- grainews.ca: https://www.grainews.ca/daily/ice-weekly-outlook-canola-drifts-downward-with-soybeans/

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