MarketsFarm – There was a first for canola on Dec. 29, in that three contracts exceeded C$1,000 per tonne at the same time. In the sharp upswing during that Wednesday morning on the Intercontinental Exchange, the nearby January, March and May canola contracts respectively reached new highs with the former hitting the daily limit of […] Read more
ICE weekly outlook: Hard to say where canola is going
Lethbridge canola crusher workers reject contract offer
UFCW to seek mediation
Unionized workers at Richardson International’s oilseed crush plant at Lethbridge, Alta. plan to seek mediation after voting to reject the company’s contract offer. United Food and Commercial Workers (UFCW) Local 401, which represents about 140 workers at the Lethbridge plant, said Monday its members had voted 79 per cent to reject the offer. The workers’ […] Read more
ICE weekly outlook: Holiday canola trading is anyone’s guess
MarketsFarm — The canola trading week starting Tuesday (Dec. 28) will be a short one and Keith Ferley of RBC Dominion Securities said anything can happen. “I don’t know if we’re going to see that with computer trading. Volumes usually lighten up, but nothing is normal in this COVID world,” he cautioned. Canadian markets, including […] Read more
AAFC adjusts grain, oilseed balance sheets slightly
MarketsFarm –– Updated supply and demand tables from Agriculture and Agri-Food Canada (AAFC), released late Friday, included only minor adjustments to balance sheets for the country’s major crops. The department’s projected ending stocks for wheat and canola were left unchanged from the previous month. Factoring in the official estimates from Statistics Canada, released Dec. 3, […] Read more
ICE weekly outlook: Canola futures bend under pressure
MarketsFarm — As the speculative longs for ICE Futures canola keep trying to defend their position, trader Ken Ball of PI Financial in Winnipeg said the pressure on canola continued to build. That’s especially so with declines over the last few weeks in Chicago soyoil, Malaysian palm oil and European rapeseed, he said. “No one […] Read more
2021 was a bad crop year, but not 2002 bad
Reading Time: < 1 minute It was the worst year in a generation but production in Alberta was still considerably better than 2002. For example, spring wheat production this year fell to 5.71 million tonnes (according to the latest StatCan estimates). But that’s more than double the 2.59 million tonnes in 2002. On a per-seeded-acre basis, it was 35.9 bushels per […] Read more
USDA expects canola, sunflowers elsewhere to offset Canada’s shortfalls
MarketsFarm –– Good canola and rapeseed crops in Australia and a number of other parts of the world along with large world sunflower seed production should help offset Canada’s smaller-than-expected production somewhat, according to the December oil crops outlook from the U.S. Department of Agriculture. Total global canola/rapeseed production is now forecast by USDA at […] Read more
ICE weekly outlook: Canola futures still well supported
MarketsFarm — The ICE Futures canola market was showing signs of running into resistance to the upside during the week ended Wednesday, as speculators booked profits on some of their large long positions. The general uptrend, however, remains intact despite the minor correction. While bouts of consolidation were not unexpected, “the trends are still upward […] Read more
Ambassador to China to leave post after helping free detainees
Canola, 5G access, other issues remain
Ottawa | Reuters –– Canada’s ambassador to China said on Monday he would soon leave his post after a two-year assignment where he helped secure the freedom of two Canadian detainees despite icy relations between Beijing and Ottawa. Dominic Barton’s departure, which will take effect Dec. 31, leaves a crucial diplomatic post open at a […] Read more
Canola declines, durum drops in new StatsCan estimates
Soybean, oats estimates raised
MarketsFarm — There were very few surprises in Statistics Canada’s latest principal field crop production estimates released Friday — the first in 2021-22 to use a survey of producers. Nevertheless, they quantified just how severe last summer’s drought was in Western Canada. Canola production for the 2021-22 marketing year was estimated to be 12.595 million […] Read more