CNS Canada — ICE Futures Canada canola contracts posted large losses during the week ended Wednesday, and could be headed even lower, as bearish technicals and weakness in global economic markets outweigh supportive fundamentals. “We’re going into a seasonally slower demand period,” said Errol Anderson of ProMarket Communications. A downgrade of China’s credit by Moody’s […] Read more
ICE weekly outlook: More losses likely for bearish canola
Lower North American durum acres keep attention on yields
CNS Canada — North America’s smaller durum acreage base in 2017 could give prices a boost later in the growing season, depending on how yields shape up for the new crop, according to a U.S. analyst. Disease issues in 2016 and better projected returns for other crops in 2017 are expected to lead to a […] Read more
Canada’s canola stocks drop beneath ‘low’ line
CNS Canada — Canola supplies in commercial hands in Western Canada dropped below one million tonnes during the week ended Sunday, hitting only 854,600 tonnes, according to the latest Canadian Grain Commission report. Visible canola stocks are typically considered low whenever they move below one million tonnes. Current supplies on hand are the smallest since […] Read more
MGEX spring wheat premium widening over winter wheat
CNS Canada –– Concerns over poor-quality North American wheat crops have seen the Minneapolis spring wheat premium widen over Kansas City winter wheat — and that spread could grow even larger heading into the summer, according to a U.S. analyst. The nearby MGEX spring wheat contract settled up 3.75 cents on Wednesday, while the corresponding […] Read more
CBOT weekly outlook: Weather concerns keep room to the upside
CNS Canada — Soybean and corn futures at the Chicago Board of Trade remain rangebound overall, though there may be room to the upside despite the generally bearish underlying fundamentals, according to an analyst. While large South American crops should weigh on both commodities, U.S. production is still very much in the air as excessive […] Read more
Prairie oats at tipping point
CNS Canada –– Seeding delays in Western Canada could see more area shift into oats, which need a shorter growing season and minimal inputs compared to other options. However, with many fields still unharvested from last year, a tipping point will eventually be reached when nothing will be seeded at all in some areas. In […] Read more
Visible Canadian canola stocks tighten
CNS Canada –– Canola supplies in commercial hands in Western Canada are tightening, with the latest Canadian Grain Commission weekly report showing only 1.05 million tonnes in the pipeline as of Sunday. Visible canola stocks are typically considered low whenever they move below one million tonnes. The current supplies on hand are the smallest since […] Read more
Canola chart turns neutral to bearish
CNS Canada –– The ICE Futures Canada July canola contract has run into resistance from a chart standpoint and nearby technical signals look neutral to bearish. The contract fell from two-month highs the past two sessions, settling right at the 20-day moving average Thursday around $518 per tonne. Prior to Wednesday’s selloff the contract was […] Read more
ICE weekly outlook: Tight supplies keep canola supported
CNS Canada — ICE Futures Canada canola contracts were up and down during the week ended Wednesday, although the nearby bias could still be pointed higher, according to a market analyst. Statistics Canada is forecasting record canola seedings in 2017 of 22.4 million acres, but Wayne Palmer of Agri-Trend Marketing in Winnipeg said actual seeded […] Read more
Sunflowers down, but not out in Western Canada
CNS Canada — Canadian sunflower plantings will be down in 2017, but perhaps not by as much as the official government estimate. Statistics Canada forecast the country’s sunflower area at only 50,000 acres in its planting intentions report. That would be down from 70,000 the previous year and the second-lowest acreage base of the past […] Read more