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
ICE weekly outlook: Rising canola market runs into resistance
Resistance seen around $835, support around $820
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
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
Alberta canola growers have a big new customer in their backyard
Imperial Oil’s new facility near Edmonton will produce one billion litres of renewable biodiesel annually
Reading Time: 2 minutes Imperial Oil has started construction of what will be the country’s largest renewable diesel facility and a major new customer for Alberta canola farmers. With an ever-increasing amount of canola being crushed domestically, Imperial is moving quickly to secure feedstocks such as canola for its new facility at its Strathcona refinery near Edmonton, said a […] Read more
China top destination for Canadian grains, oilseeds
CGC data points to key destinations
MarketsFarm — China is the top destination for Canadian grain and oilseed exports through the first five months of the 2022-23 marketing year, accounting for roughly a third of the total movement, according to the latest monthly report from the Canadian Grain Commission. Canada has exported 6.566 million tonnes of grains, oilseeds, and pulses to […] Read more
ICE weekly outlook: Choppy trading for canola, other oilseeds
Signals not pointing to course change for now
MarketsFarm — Expect canola and other oilseed markets to remain choppy for the time being, according to trader Ken Ball of PI Financial in Winnipeg. “All of the markets are very choppy and erratic. They’re very nervous markets,” Ball emphasized, noting war in Ukraine and drought in Argentina are having some of the biggest impacts […] 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
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