Analyst sceptical about a return to $20/bushel canola prices

Apr 18, 2023

The sharp drop in canola prices caught more than a few people off guard last month.

But farmers hoping for a return to canola prices in the high teens will likely be disappointed, according to Mike Jubinville, the senior market analyst with MarketsFarm.

Speaking to farmers during a recent webinar, Jubinville described the price drop of canola as the March Massacre.

“Canola dropped about $100 a tonne in a very short period of time on the futures. To us, those losses seemed well over done, and we are seeing elements of a corrective rebound in the process,” Jubinville said. “Still, these macro economic worries that linger create a bit of a wet blanket on rally potential not just on canola, but I think for all commodities.”

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Video: Midwest Weather Shock: Flash Drought Turns Into Heavy Rain Threat This Week (2026 Forecast)

A rapidly changing Midwest weather pattern is unfolding in 2026 as areas that recently slipped into abnormal dryness and flash drought conditions are now facing the threat of heavy rain and repeated storm systems.

After a wet spring erased early drought conditions, regions across Illinois, Iowa, Wisconsin, Minnesota, and northern Missouri have quickly dried out again since mid-to-late May. Soil moisture is dropping fast, and crops like corn and soybeans are beginning to feel the stress of rising temperatures and lack of consistent rainfall. Now, weather models show a major shift.

A developing system moving in from the Northern Plains is expected to bring multiple rounds of showers and thunderstorms, with the potential for locally heavy rainfall across the Midwest. While some areas may miss out, others could finally see much-needed relief from the growing dryness. In this video, we break down:

Current drought conditions across the Midwest

Why a flash drought is developing quickly

Timing and path of incoming storm systems

Which states are most likely to see heavy rain

How long this wet pattern could last

Will this rain end the drought or create new flooding risks? Watch the full forecast to find out.