MarketsFarm — The ICE Futures canola market drifted downward during the week ended Wednesday largely due to macroeconomic activity in the markets, according to one analyst. Jerry Klassen from Resilient Commodity Analysis in Winnipeg said canola prices have mostly followed the lead of the Chicago soy complex, while rains fell on Brazil as its soybean […] Read more
ICE weekly outlook: Canola drifts downward with soybeans
Wheat's recent decline may spur canola acres
Cash advance window for farmers now open
Reading Time: < 1 minute Farmers can now apply for cash advances for the 2023 growing season. Producers can get up to $1 million with the first $250,000 interest-free. The latter is worth more this year because interest rates are so much higher, note administrators of the Advance Payments Program. “With rising interest rates, the savings a farmer can realize […] Read more
It’s tax credit season again
Reading Time: < 1 minute With tax season looming, producers are being reminded that they are eligible for a tax credit if they paid a checkoff for an organization that funds research. For example, the tax credit rate for canola producers for 2022 is 20.93 per cent (meaning a checkoff total of $1,000 generates a tax credit of $209.30). The […] Read more
ICE weekly outlook: Rising canola market runs into resistance
Resistance seen around $835, support around $820
MarketsFarm — ICE Futures canola contracts moved higher during the week ended Wednesday, but ran into some resistance to the upside as values held rangebound overall. “Technicals, short-covering, fund buying and a lack of selling,” were all providing support during the week along with spillover from advances in Chicago soyoil, according to Jamie Wilton of […] Read more
AAFC revises crop estimates
Export, new-crop production outlooks revised lower for flax
MarketsFarm — Agriculture and Agri-Food Canada (AAFC) on Friday released its February supply and demand estimates with numerous small changes. AAFC held its projections for 2022-23 grains and oilseeds production at 89.489 million tonnes. As for exports, the department reduced them from 45.715 million tonnes last month to now 45.49 million. Furthermore, domestic usage was […] Read more
ICE weekly outlook: Canola drifting lower
Near-record soy still expected from South America
MarketsFarm — ICE Futures canola contracts drifted lower during the week ended Wednesday, although values remained rangebound overall. “The market is maybe coming to the realization that we still have near-record South American (soybean) supplies on hand,” Ken Ball of PI Financial in Winnipeg said of the downtrend. While Argentina has suffered crop losses from […] Read more
De-registered canola varieties a ‘no-grow’
Reading Time: < 1 minute Keep it Clean’ is reminding farmers that they should not plant de-registered canola varieties. On its “no-grow” list are several Liberty Link (B. napus) varieties, as well as one Roundup Ready Polish (B. rapa), five bromoxynil tolerant and one Clearfield tolerant. The no-grow list is one of ‘5 Simple Tips’ from Keep it Clean, and […] Read more
No shuffling of the (director) chairs
Reading Time: < 1 minute The chairs of both Alberta Canola and Alberta Wheat were re-elected at AGMs in January. Roger Chevraux of Killam returns as chair and Ian Chitwood of Airdrie as vice-chair of Alberta Canola but the organization will have four new directors: Christi Friesen (Brownvale) in Region 1, Jeannette Andrashewski (Two Hills) in Region 4, Paula Law […] Read more
ICE weekly outlook: March canola unchanged from last week
Loonie's relative strength seen as drag on values
MarketsFarm — The ICE Futures canola market was once again trading rangebound for the week ended Wednesday, as the March contract was left unchanged from one week earlier at $828.20. The contract oscillated between a range of $819.40 and $837 per tonne during the week, all the while seemingly immune from larger price ranges seen […] Read more
Grain stocks come in as projected
StatCan report deemed neutral for canola and spring wheat, supportive for durum
MarketsFarm — Stocks of Canadian grains at year-end appear to be pretty much in line with market expectations. Statistics Canada on Tuesday issued its report on stocks as of Dec. 31, 2022, which highlighted notable increases in most grains, further signaling a recovery from the 2021 drought. “Stocks reports are important because they confirm the […] Read more
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