# ICE weekly outlook: The larger picture behind drop in canola  - AgCanada

> Canola prices have declined, and analyst Errol Anderson of ProMarket Communications attributes the drop mainly to a broad commodity sell-off and a deepening global recession rather than Prairie weather. He expects crude oil to fall later in the summer and a possible weather-driven rally mid-summer that may not hold, with cash canola bids at C$17 to C$22 per bushel.

- Date: 2022-06-30 · published 2022-06-30T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/41043-ice-weekly-outlook-the-larger-picture-behind-drop-in-canola-agcanada
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A broad risk-off move in vegetable oils and crude weighs on canola and related oilseed values, and a sharp crude drop would likely pull vegetable oil and meal prices lower further. Feed buyers face softer canola meal and oilseed input costs in the near term.

## Read by commodity

- SBO: bearish ▼
- WTI: bearish ▼
- CANMEAL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-10-23 | [Canadian dollar pares weekly advance, hindered by ‘fragile’ investor sentiment - The Globe and Mail](https://feedsoft.ai/events/50855-canadian-dollar-pares-weekly-advance-hindered-by-fragile-investor-sentiment-the.md) | -11.1% | +2.7% |
| WTI | 2022-07-07 | [Oil Posts Weekly Decline as Recession Fears Muddle the Outlook - Bloomberg](https://feedsoft.ai/events/12616-oil-posts-weekly-decline-as-recession-fears-muddle-the-outlook-bloomberg.md) | -2.0% | -7.4% |
| WTI | 2021-04-21 | [Oil prices drop as India’s COVID-19 surge dents demand outlook \| Reuters](https://feedsoft.ai/events/47759-oil-prices-drop-as-india-s-covid-19-surge-dents-demand-outlook-reuters.md) | +0.7% | +4.7% |
| WTI | 2018-05-26 | [Loonie sinks to two-week low: Is this the start of another big drop? \| CBC News](https://feedsoft.ai/events/65242-loonie-sinks-to-two-week-low-is-this-the-start-of-another-big-drop-cbc-news.md) | -4.6% | +2.0% |
| WTI | 2020-01-29 | [The Canadian Dollar Is Unprepared for Coronavirus Impact on Bank of Canada Outlook](https://feedsoft.ai/events/55307-the-canadian-dollar-is-unprepared-for-coronavirus-impact-on-bank-of-canada.md) | -7.1% | -8.8% |
| SBO | 2023-10-04 | [Oil plunges $5 in biggest one-day drop in more than a year](https://feedsoft.ai/events/7360-oil-plunges-5-in-biggest-one-day-drop-in-more-than-a-year.md) | -7.7% | -8.5% |
| SBO | 2020-03-27 | [Oil price crash: a glimpse into the future for global energy markets? Q&A with Pierre Noel](https://feedsoft.ai/events/7880-oil-price-crash-a-glimpse-into-the-future-for-global-energy-markets-q-and-a.md) | -1.0% | -5.5% |
| SBO | 2025-04-07 | [Palm and soybean oil prices fell by 4.4-5.9% amid a 14.5% drop in oil prices in two days](https://feedsoft.ai/events/9630-palm-and-soybean-oil-prices-fell-by-4-4-5-9-amid-a-14-5-drop-in-oil-prices-in.md) | +2.0% | +5.6% |

## Sources

- agcanada.com: https://www.agcanada.com/daily/ice-weekly-outlook-the-larger-picture-behind-drop-in-canola

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