# ICE weekly outlook: No independent strength left in canola - AgCanada

> Trader Ken Ball says canola no longer moves independently and will follow oil and meal markets, with old-crop canola a stale bull market. USDA cut its 2021/22 South American soybean forecasts, lowering Argentina to 45 million tonnes and Brazil to 134 million tonnes.

- Date: 2022-02-09 · published 2022-02-09T12:00:00.000Z
- Category: report · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/42683-ice-weekly-outlook-no-independent-strength-left-in-canola-agcanada
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md)

## Why it matters

Cuts to South American soybean output tighten global supply and support soybean meal and canola prices, while new-crop canola remains attractively valued.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CANMEAL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2021-01-14 | [ICE weekly outlook: WASDE spillover boosts canola - AgCanada](https://feedsoft.ai/events/49257-ice-weekly-outlook-wasde-spillover-boosts-canola-agcanada.md) | -2.9% | -3.1% |
| SOY | 2020-11-13 | [ICE weekly outlook: Bull market in canola's grasp - Grainews](https://feedsoft.ai/events/50254-ice-weekly-outlook-bull-market-in-canola-s-grasp-grainews.md) | +3.6% | +2.1% |
| SOY | 2020-12-10 | [CBOT weekly outlook: Some surprises in USDA's WASDE - AgCanada](https://feedsoft.ai/events/49579-cbot-weekly-outlook-some-surprises-in-usda-s-wasde-agcanada.md) | +2.2% | +18.8% |
| SOY | 2023-10-12 | [CBOT weekly outlook: Markets react bullishly to USDA report - AgCanada](https://feedsoft.ai/events/33588-cbot-weekly-outlook-markets-react-bullishly-to-usda-report-agcanada.md) | +4.7% | +7.7% |
| SOY | 2019-04-11 | [USDA lowers Canadian canola export forecast - AgCanada](https://feedsoft.ai/events/59564-usda-lowers-canadian-canola-export-forecast-agcanada.md) | -2.5% | -11.3% |
| SBM | 2020-11-13 | [ICE weekly outlook: Bull market in canola's grasp - Grainews](https://feedsoft.ai/events/50254-ice-weekly-outlook-bull-market-in-canola-s-grasp-grainews.md) | +1.4% | -1.0% |
| SBM | 2020-12-10 | [CBOT weekly outlook: Some surprises in USDA's WASDE - AgCanada](https://feedsoft.ai/events/49579-cbot-weekly-outlook-some-surprises-in-usda-s-wasde-agcanada.md) | +2.6% | +15.1% |
| SBM | 2022-06-10 | [U.S. cuts soy supply outlook, raises corn, wheat stocks view in June WASDE - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/40893-u-s-cuts-soy-supply-outlook-raises-corn-wheat-stocks-view-in-june-wasde-agweek.md) | +0.3% | +7.6% |

## Sources

- agcanada.com: https://www.agcanada.com/daily/ice-weekly-outlook-no-independent-strength-left-in-canola

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