# OPEC news good for Aussie canola | Farm Online | ACT

> OPEC's decision to cut member production lifted crude oil prices sharply, up 16% for the week, with benefits expected for Australian canola. Soybean futures rose on concerns about dry conditions in Argentina, and a USDA sale of 426,000 tonnes of US soybeans to China was reported. Palm oil prices rose to four-year highs, while Australian canola prices dipped as new-season supplies arrived.

- Date: 2016-12-06 · published 2016-12-06T12:00:00.000Z
- Category: geopolitics · region Australia · magnitude medium
- Page: https://feedsoft.ai/events/73561-opec-news-good-for-aussie-canola-farm-online-act
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md)

## Why it matters

Higher crude oil supports vegetable oil and biodiesel economics, lifting oilseed values, while Argentine dryness and Chinese purchases add upside risk to soybean meal and oil prices.

## Read by commodity

- SBO: bullish ▲
- SOY: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲
- CANMEAL: bearish ▼
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-11-12 | [OPEC analysis shows need for a production cut of 1 million bpd](https://feedsoft.ai/events/61948-opec-analysis-shows-need-for-a-production-cut-of-1-million-bpd.md) | -6.2% | -15.2% |
| WTI | 2020-01-28 | [Arab News \| China virus forces OPEC to weigh up extension to oil output cuts](https://feedsoft.ai/events/54971-arab-news-china-virus-forces-opec-to-weigh-up-extension-to-oil-output-cuts.md) | -5.7% | -6.2% |
| WTI | 2024-05-28 | [Oil market braces for OPEC decisions as crude prices climb \| Euronews](https://feedsoft.ai/events/30419-oil-market-braces-for-opec-decisions-as-crude-prices-climb-euronews.md) | -4.2% | +4.3% |
| WTI | 2025-12-01 | [Oil climbs more than 1% on OPEC action, Ukraine attack](https://feedsoft.ai/events/21430-oil-climbs-more-than-1-on-opec-action-ukraine-attack.md) | +2.7% | -1.1% |
| WTI | 2022-09-27 | [Crude Rallies on Reports Russia Will Push for OPEC+ to Cut Output](https://feedsoft.ai/events/39752-crude-rallies-on-reports-russia-will-push-for-opec-to-cut-output.md) | +9.0% | +11.1% |
| BRENT | 2018-11-12 | [OPEC analysis shows need for a production cut of 1 million bpd](https://feedsoft.ai/events/61948-opec-analysis-shows-need-for-a-production-cut-of-1-million-bpd.md) | -5.1% | -11.4% |
| BRENT | 2020-01-28 | [Arab News \| China virus forces OPEC to weigh up extension to oil output cuts](https://feedsoft.ai/events/54971-arab-news-china-virus-forces-opec-to-weigh-up-extension-to-oil-output-cuts.md) | -8.0% | -4.1% |
| BRENT | 2024-05-28 | [Oil market braces for OPEC decisions as crude prices climb \| Euronews](https://feedsoft.ai/events/30419-oil-market-braces-for-opec-decisions-as-crude-prices-climb-euronews.md) | -3.9% | +7.3% |

## Sources

- farmonline.com.au: https://www.farmonline.com.au/story/4338783/opec-news-good-for-aussie-canola/

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