MarketsFarm — Week-long rallies for grain futures on the Chicago Board of Trade (CBOT) were disrupted by the U.S. Federal Reserve’s latest key interest rate announcement on Wednesday. The Fed revealed it is raising its key interest rate by 25 basis points in its ongoing fight against inflation. While the central bank acknowledged inflation is […] Read more
CBOT weekly outlook: Weather outweighs U.S. Fed rate hike announcement
'People are returning to the Argentine situation'
U.S. grains: Soy sags as Brazil’s harvest looms
Wheat mixed, corn ends firm
Chicago | Reuters — U.S. soybean futures fell about one per cent on Wednesday as traders focused on the expanding harvest of a likely record-large soy crop in Brazil and positioned for the U.S. Federal Reserve’s decision on interest rates, analysts said. Wheat futures ended mixed, with the most-active March contract down on profit-taking, while […] Read more
U.S. grains: Wheat futures firm; technical resistance weighs
Chicago soybeans up, corn down
Chicago | Reuters — Chicago wheat futures gained on Tuesday as traders eye winter wheat conditions across the U.S. Plains amid a second frigid cold snap this season, though futures struggled against technical resistance. Soybeans futures ended up, though prices were pressured by a correction in the soymeal charts, traders said. Corn futures ended lower, […] Read more
Spec short position grows in canola
Managed money net long in soy, corn
MarketsFarm — Speculators were busy adding to their growing net short position in canola during the week ended Jan. 24, according to the latest Commitments of Traders (CoT) report compiled by the U.S. Commodity Futures Trading Commission (CFTC). The net managed money short position in ICE Futures canola came in at 32,625 contracts on Jan. […] Read more
U.S. grains: Soybeans firm as Argentina drought worries persist
Cold snap in U.S. brings renewed wheat damage fears
Chicago | Reuters — Chicago soybeans climbed on Monday, underpinned by concern that drought-damaged crops in Argentina could face more dry weather. Wheat inched higher after climbing to four-week highs earlier in the session on fears a cold snap in U.S. grain belts could lead to crop damage, while potential escalations in the Russia-Ukraine war […] Read more
U.S. grains: Soy futures weak, corn firm
Wheat mixed ahead of weekend
Chicago | Reuters — U.S. soybean futures fell on Friday on expectations that recent rains in Argentina boosted crop potential from that key South American exporter, traders said. Wheat futures were mixed, with the most-active Chicago Board of Trade soft red winter wheat contract sagging on position squaring after notching its biggest weekly gain in […] Read more
Imperial Oil clears Edmonton renewable diesel plant for construction
Quick decision motivated in part by need for feedstocks such as canola oil, company says
Reuters — Imperial Oil on Thursday announced approval for an investment of $720 million to build Canada’s largest renewable diesel facility at its Strathcona refinery near Edmonton. The Calgary-based company said the facility will produce 20,000 barrels per day of renewable diesel and is expected to start production in 2025. Imperial expects regulatory approval for […] Read more
U.S. grains: Wheat, soy, corn up on strong export report
South America crop progress limits corn, soy gains
Chicago | Reuters — U.S. wheat, corn and soybeans jumped on Thursday on support from a government report that showed strong overseas demand for all three commodities, traders said. “We had some decent export sales compared to what we have seen the last few weeks and that trend, particularly for corn and wheat, is likely […] Read more
CBOT weekly outlook: Commodities largely rangebound after USDA report
MarketsFarm — Although soyoil on the Chicago Board of Trade has fallen back for five consecutive days as of Tuesday, it has remained rather rangebound, according to trader Ryan Ettner of Allendale Inc. in McHenry, Ill. “We’re actually at prices where it was in early August,” Ettner said, pointing to something of a back-and-forth shifting […] Read more
U.S. grains: Wheat futures rise on Ukraine war concerns
March corn sags, March soybeans up
Chicago | Reuters — U.S. wheat futures rose on Wednesday on concerns that any intensification of Russia’s war on Ukraine could clog the export pipeline from those two major exporters. “I think the market is trying to price in an increasing likelihood that an escalation … turns into a European theatre war,” said Mike Zuzolo, […] Read more
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