# Canola Market Starts the New Year Strong | Northern Canola Growers Association

> Canola prices jumped on the first trading day of 2023 on concerns about Argentine dryness, the driest in over 30 years, with analysts cutting crop estimates. Canola traded within a tight $800 to $900 per tonne range, and US and Canadian crush rose sharply in November.

- Date: 2023-01-06 · published 2023-01-06T12:00:00.000Z
- Category: weather · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/37880-canola-market-starts-the-new-year-strong-northern-canola-growers-association
- 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

Argentine drought and strong North American crush support oilseed meal and oil prices, tightening canola supplies ahead of the marketing year end.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2017-09-28 | [The deterioration of the yield supports the sunflower market](https://feedsoft.ai/events/69073-the-deterioration-of-the-yield-supports-the-sunflower-market.md) | -0.1% | +3.8% |
| SBO | 2025-04-11 | [Tariffs and weather impact global canola markets \| Stock Journal \| SA](https://feedsoft.ai/events/11671-tariffs-and-weather-impact-global-canola-markets-stock-journal-sa.md) | +2.3% | +4.3% |
| SBO | 2021-12-31 | [Oilseeds at the turn of the year 2021-22 market report](https://feedsoft.ai/events/43685-oilseeds-at-the-turn-of-the-year-2021-22-market-report.md) | +3.0% | +5.7% |
| SBO | 2023-01-31 | [The end of the New Year holidays in China activated the market of vegetable oils](https://feedsoft.ai/events/37869-the-end-of-the-new-year-holidays-in-china-activated-the-market-of-vegetable-oils.md) | -3.9% | -2.6% |
| SBO | 2021-10-04 | [Canada’s smallest canola harvest in 13 years forces importers to turn elsewhere - The Globe and Mail](https://feedsoft.ai/events/44557-canada-s-smallest-canola-harvest-in-13-years-forces-importers-to-turn-elsewhere.md) | +2.4% | +6.5% |
| 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 | 2020-10-05 | [Grain Markets Start the Week Higher - ProAg](https://feedsoft.ai/events/11633-grain-markets-start-the-week-higher-proag.md) | +4.4% | +3.5% |
| SOY | 2021-03-11 | [Northern Ireland Grain Trade Association - TIGHT SUPPLY DRIVES UP FEED AND FERTILISER PRICES](https://feedsoft.ai/events/48430-northern-ireland-grain-trade-association-tight-supply-drives-up-feed-and.md) | +0.4% | +0.3% |

## Sources

- northerncanola.com: https://www.northerncanola.com/news/Canola-Market-Starts-the-New-Year-Strong/

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