# ICE weekly outlook: Extradition ruling not the only anchor on canola - AgCanada

> ICE July canola fell $1.30 to C$463.50 after the Meng Wanzhou extradition ruling. A trader said COVID-19 demand weakness and a global grain glut also drove the decline, and that prices will fall before they rise.

- Date: 2020-05-28 · published 2020-05-28T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/53091-ice-weekly-outlook-extradition-ruling-not-the-only-anchor-on-canola-agcanada
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md)

## Why it matters

Weak hand-to-mouth buying, abundant global grain supplies and the loss of Chinese demand point to continued downside for canola prices.

## Read by commodity

- CANMEAL: bearish ▼

## Sources

- agcanada.com: https://www.agcanada.com/daily/ice-weekly-outlook-extradition-ruling-not-the-only-anchor-on-canola
- grainews.ca: https://www.grainews.ca/daily/ice-weekly-outlook-extradition-ruling-not-the-only-anchor-on-canola/

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