# Canada unfazed by oilseed crossfire with canola set for record

> RBC analyst Tony Tryhuk expects Canadian canola sowing to rise about 5% to a record 24 million acres in 2019. Canada shipped 4.6 million tonnes of canola from August to January 13, down about 9% year on year. Cheaper soybeans have reduced demand for Canadian canola from customers such as Mexico.

- Date: 2019-01-18 · published 2019-01-18T12:00:00.000Z
- Category: report · region Canada · magnitude low
- Page: https://feedsoft.ai/events/61074-canada-unfazed-by-oilseed-crossfire-with-canola-set-for-record
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A record acreage outlook implies larger future supply, which is bearish for canola prices, while cheaper soybeans cut substitution demand for canola in the near term.

## Read by commodity

- SOY: bearish ▼
- CANMEAL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2023-07-21 | [Brazil's 2023 soybean crushing set for record highs driven by oil, meal demand](https://feedsoft.ai/events/35113-brazil-s-2023-soybean-crushing-set-for-record-highs-driven-by-oil-meal-demand.md) | +2.5% | -10.6% |
| SOY | 2024-08-12 | [USDA Forecasts Record Soybean Crop](https://feedsoft.ai/events/28713-usda-forecasts-record-soybean-crop.md) | -8.7% | -2.7% |
| SOY | 2016-08-15 | [USDA adjusts forecasts based on record corn, soybean crops](https://feedsoft.ai/events/9949-usda-adjusts-forecasts-based-on-record-corn-soybean-crops.md) | +2.4% | -1.9% |
| SOY | 2018-04-11 | [Baystreet.ca - Canadian Farmers Expected To Plant A Record Canola Crop In 2018](https://feedsoft.ai/events/65475-baystreet-ca-canadian-farmers-expected-to-plant-a-record-canola-crop-in-2018.md) | -0.4% | -3.7% |
| SOY | 2017-02-01 | [Federal forecast sees more oilseed acres, less in grains - AgCanada](https://feedsoft.ai/events/72457-federal-forecast-sees-more-oilseed-acres-less-in-grains-agcanada.md) | +1.8% | +1.6% |

## Sources

- thestar.com: https://www.thestar.com/business/canada-unfazed-by-oilseed-crossfire-with-canola-set-for-record/article_ebb50853-15d8-517c-b8b5-11c59f8eb0d0.html

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