# Strategy Showcase – January 29, 2024 - MarketsFarm

> ICE canola futures fell $15 per tonne on January 29, 2024, to a fresh contract low of $608.70, driven by losses in Chicago soyoil and weaker European rapeseed and Malaysian palm oil. Chicago soybeans also declined, with March beans at $11.94 per bushel, their lowest close since June. Lower crude oil prices further weighed on vegetable oils.

- Date: 2024-01-29 · published 2024-01-29T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/6841-strategy-showcase-january-29-2024-marketsfarm
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Weak vegetable oil complex and lack of U.S. export demand keep canola and soy-based meal under pressure. Lower crude reduces biofuel-linked support for oils.

## Read by commodity

- SBO: bearish ▼
- SOY: bearish ▼
- CANMEAL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBO | 2024-01-29 | 1 | -4.5% | -4.7 | Dated the same day as the move, it reports Chicago soyoil losses on Jan 29 alongside lower crude oil, weaker palm oil and rapeseed, and contract-low canola, which points to a sentiment and input-cost driver in vegetable oils. |

## Sources

- marketsfarm.com: https://marketsfarm.com/strategy-showcase-january-29-2024-2/

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