# ICE weekly outlook: Canola moving back in line with soybeans - Grainews

> ICE canola futures rose during the week ended February 2, lagging the CBOT soy complex as spreads readjusted. March canola closed at C$1,022.50 per tonne, while March soybeans set new contract highs every day that week amid South American production concerns and a palm oil rally.

- Date: 2022-02-03 · published 2022-02-03T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/42806-ice-weekly-outlook-canola-moving-back-in-line-with-soybeans-grainews
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Soybeans are gaining strength on South American supply worries and palm oil strength, pulling canola along and supporting oilseed meal prices. Canola is becoming more responsive to soy moves as its premium narrows.

## Read by commodity

- SOY: bullish ▲
- CANMEAL: bullish ▲
- PALMOIL: bullish ▲

## Sources

- grainews.ca: https://www.grainews.ca/daily/ice-weekly-outlook-canola-moving-back-in-line-with-soybeans/

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