# ICE weekly outlook: Pressure builds on canola as yield outlooks vary - Grainews

> ICE November canola futures were expected to trade between 490 and 500 dollars per tonne as uncertainty over Western Canadian yields continued. Traders were weighing Statistics Canada's 19.2 million tonne estimate against reports that yields were better in the north and worse in the drought-hit southern Prairies. The USDA also raised its US soybean crop forecast to 4.7 billion bushels.

- Date: 2018-09-12 · published 2018-09-12T12:00:00.000Z
- Category: weather · region Canada · magnitude low
- Page: https://feedsoft.ai/events/63008-ice-weekly-outlook-pressure-builds-on-canola-as-yield-outlooks-vary-grainews
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Yield uncertainty in Canada and a larger US soybean crop create two-sided pressure on oilseed meal prices, with the canola direction depending on the final harvest size.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼
- CANMEAL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2017-04-26 | [ICE weekly outlook: Rising canola watching weather - Grainews](https://feedsoft.ai/events/71595-ice-weekly-outlook-rising-canola-watching-weather-grainews.md) | +0.4% | -0.7% |
| SOY | 2018-07-19 | [ICE weekly outlook: Dry weather keeping canola from more downside - AgCanada](https://feedsoft.ai/events/64127-ice-weekly-outlook-dry-weather-keeping-canola-from-more-downside-agcanada.md) | +2.2% | +1.8% |
| SOY | 2017-01-03 | [U.S. grains: Soy hits six-week low on South American prospects - Grainews](https://feedsoft.ai/events/73024-u-s-grains-soy-hits-six-week-low-on-south-american-prospects-grainews.md) | 0.0% | +2.8% |
| SOY | 2021-10-21 | [U.S. grains: Soy down on South American weather, technical pressure - AgCanada](https://feedsoft.ai/events/44600-u-s-grains-soy-down-on-south-american-weather-technical-pressure-agcanada.md) | -0.5% | +2.5% |
| SOY | 2016-08-25 | [U.S. grains: Soybeans sag to near two-week low as crop impresses scouts - Grainews](https://feedsoft.ai/events/12394-u-s-grains-soybeans-sag-to-near-two-week-low-as-crop-impresses-scouts-grainews.md) | -6.9% | -5.3% |
| SBM | 2017-01-03 | [U.S. grains: Soy hits six-week low on South American prospects - Grainews](https://feedsoft.ai/events/73024-u-s-grains-soy-hits-six-week-low-on-south-american-prospects-grainews.md) | -1.0% | +6.9% |
| SBM | 2016-08-25 | [U.S. grains: Soybeans sag to near two-week low as crop impresses scouts - Grainews](https://feedsoft.ai/events/12394-u-s-grains-soybeans-sag-to-near-two-week-low-as-crop-impresses-scouts-grainews.md) | -5.8% | -7.1% |
| SBM | 2022-08-16 | [Soybeans, corn see more weather pressure - Brownfield Ag News](https://feedsoft.ai/events/6531-soybeans-corn-see-more-weather-pressure-brownfield-ag-news.md) | +1.1% | +2.9% |

## Sources

- grainews.ca: https://www.grainews.ca/daily/ice-weekly-outlook-pressure-builds-on-canola-as-yield-outlooks-vary/

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