# Drought forces canola importers to pay more, scour other countries | Financial Post

> Canada's smallest canola harvest in 13 years, caused by severe drought, is forcing importers such as Japan and Mexico to pay more or buy elsewhere. Canadian canola exports fell 71% year over year in early August, and ICE canola futures trade near C$900 per tonne, up more than 70% year over year.

- Date: 2021-10-04 · published 2021-10-04T12:00:00.000Z
- Category: weather · region Canada · magnitude high
- Page: https://feedsoft.ai/events/44555-drought-forces-canola-importers-to-pay-more-scour-other-countries-financial-post
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Scarce Canadian supply pushes importers toward palm and soybean oil and lifts canola meal and oil prices, adding to global feed and food costs.

## Read by commodity

- SBO: bullish ▲
- CANMEAL: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2021-10-04 | [Canada's drought forces canola importers to turn elsewhere - Grainews](https://feedsoft.ai/events/44559-canada-s-drought-forces-canola-importers-to-turn-elsewhere-grainews.md) | +2.4% | +6.5% |
| 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% |
| SBO | 2021-11-22 | [Domestic Crushers Willing to Pay Premiums to Keep Canola Home \| Country 600 CJWW](https://feedsoft.ai/events/44164-domestic-crushers-willing-to-pay-premiums-to-keep-canola-home-country-600-cjww.md) | -1.2% | -4.4% |
| SBO | 2021-08-31 | [Rapeseed and canola prices supported by lower crop forecasts in Canada](https://feedsoft.ai/events/45664-rapeseed-and-canola-prices-supported-by-lower-crop-forecasts-in-canada.md) | -1.2% | +0.0% |
| SBO | 2021-11-26 | [Canadian Drought Has Major Impact](https://feedsoft.ai/events/44015-canadian-drought-has-major-impact.md) | -4.6% | -4.5% |
| PALMOIL | 2021-10-04 | [Canada's drought forces canola importers to turn elsewhere - Grainews](https://feedsoft.ai/events/44559-canada-s-drought-forces-canola-importers-to-turn-elsewhere-grainews.md) | +8.9% | +10.3% |
| PALMOIL | 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) | +8.9% | +10.3% |
| PALMOIL | 2026-10-22 | [Palm oil prices to stay high next year on Southeast Asia drought](https://feedsoft.ai/events/523-palm-oil-prices-to-stay-high-next-year-on-southeast-asia-drought.md) | -0.4% | — |

## Sources

- financialpost.com: https://financialpost.com/commodities/energy/oil-gas/canadas-drought-forces-canola-importers-to-turn-elsewhere

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