# ICE weekly outlook: Upticks during a downturn not unusual  - Grainews

> Canola prices on ICE have fallen sharply from about C$1,200 per tonne months earlier, with the November contract dropping below C$800 before rebounding to C$824.40 by July 27. An analyst says the rally reflects higher crude oil and vegetable oil prices, and notes support levels for canola, Minneapolis wheat and Chicago corn.

- Date: 2022-07-28 · published 2022-07-28T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/40592-ice-weekly-outlook-upticks-during-a-downturn-not-unusual-grainews
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Canola and vegetable oil prices are tracking crude oil and the US dollar, so feed buyers should watch these links when pricing canola meal and oilseed-based feed. The rebound is modest against a much lower trend.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- CANMEAL: neutral

## Sources

- grainews.ca: https://www.grainews.ca/daily/ice-weekly-outlook-upticks-during-a-downturn-not-unusual/

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