# ICE weekly outlook: Dry weather keeping canola from more downside - AgCanada

> Canola futures have slipped from above $525 a tonne in late June to about $490 by mid-July, with dry weather in Western Canada providing some support. Funds keep adding to short positions while farmers hold supplies awaiting better prices.

- Date: 2018-07-19 · published 2018-07-19T12:00:00.000Z
- Category: weather · region Canada · magnitude low
- Page: https://feedsoft.ai/events/64127-ice-weekly-outlook-dry-weather-keeping-canola-from-more-downside-agcanada
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A weather premium is limiting downside, but trade uncertainty with China and a large North American oilseed crop keep pressure on canola prices for feed buyers.

## Read by commodity

- SOY: bearish ▼
- CANMEAL: bearish ▼

## 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 | 2018-09-12 | [ICE weekly outlook: Pressure builds on canola as yield outlooks vary - Grainews](https://feedsoft.ai/events/63008-ice-weekly-outlook-pressure-builds-on-canola-as-yield-outlooks-vary-grainews.md) | -0.8% | +5.2% |
| SOY | 2018-12-13 | [Brazil soybean update and U.S. weather outlook - Morning Ag Clips](https://feedsoft.ai/events/61420-brazil-soybean-update-and-u-s-weather-outlook-morning-ag-clips.md) | -2.2% | -2.3% |
| 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 | 2024-08-08 | [Sixty-six per cent chance of La Niña weather emerging, U.S. forecaster says - AgCanada](https://feedsoft.ai/events/28679-sixty-six-per-cent-chance-of-la-nina-weather-emerging-u-s-forecaster-says.md) | -4.0% | -1.2% |

## Sources

- agcanada.com: https://www.agcanada.com/daily/ice-weekly-outlook-dry-weather-keeping-canola-from-more-downside

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