# South American drought helping to increase local canola prices -

> Local Canadian canola prices have risen on Argentina's drought, which has cut soybean crop projections by three million tonnes. Some 76% of Argentine crops are rated poor to very poor, and China has reportedly shifted purchases toward South American soybeans amid its trade tensions with the US.

- Date: 2018-03-05 · published 2018-03-05T12:00:00.000Z
- Category: weather · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/65972-south-american-drought-helping-to-increase-local-canola-prices
- 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

Argentine soybean losses tighten global oilseed supply and support oilseed meal and oil prices, with canola following soybeans as a substitute oilseed.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CANMEAL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2022-02-28 | [Soybean Prices Rise as South American Drought Reduces Harvest \| Feed & Grain](https://feedsoft.ai/events/14055-soybean-prices-rise-as-south-american-drought-reduces-harvest-feed-and-grain.md) | +5.4% | +7.5% |
| SOY | 2022-02-25 | [Soybean Prices Rise as Drought in South America Reduces Harvest - farmdoc daily](https://feedsoft.ai/events/42625-soybean-prices-rise-as-drought-in-south-america-reduces-harvest-farmdoc-daily.md) | +1.1% | +2.4% |
| SOY | 2023-09-21 | [South America Calling](https://feedsoft.ai/events/13623-south-america-calling.md) | -1.3% | -0.7% |
| SOY | 2021-01-26 | [Dry Crop Season in South America to Continue](https://feedsoft.ai/events/48975-dry-crop-season-in-south-america-to-continue.md) | +1.6% | +4.7% |
| SOY | 2022-11-21 | [South America Drought Woes Continue Despite Rain](https://feedsoft.ai/events/13687-south-america-drought-woes-continue-despite-rain.md) | +2.0% | +2.3% |
| SBM | 2022-02-28 | [Soybean Prices Rise as South American Drought Reduces Harvest \| Feed & Grain](https://feedsoft.ai/events/14055-soybean-prices-rise-as-south-american-drought-reduces-harvest-feed-and-grain.md) | +4.2% | +9.0% |
| SBM | 2022-02-25 | [Soybean Prices Rise as Drought in South America Reduces Harvest - farmdoc daily](https://feedsoft.ai/events/42625-soybean-prices-rise-as-drought-in-south-america-reduces-harvest-farmdoc-daily.md) | -0.1% | +5.6% |
| SBM | 2020-04-29 | [South America Calling](https://feedsoft.ai/events/53471-south-america-calling.md) | +1.1% | +0.1% |

## Sources

- ink.urjschool.ca: https://ink.urjschool.ca/argentinian-drought-helps-to-increase-canola-prices/

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