MarketsFarm — Canola is deeply in the hold of a bull market that could push nearby contracts to $575-$580 per tonne, according to Errol Anderson of ProMarket Communications in Calgary. “A bull market always needs to be fed and it keeps getting fed,” Anderson said, referencing the November supply and demand report from the U.S. […] Read more
ICE weekly outlook: Bull market in canola’s grasp
That said, watch for cracks in demand side of equation
Profit-taking cuts into fund net longs in canola, soy
MarketsFarm — Fund traders were busy liquidating some of their long positions in canola and soybeans during the week ended Tuesday, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC). Managed money fund traders as of Tuesday were holding a net long position in ICE Futures canola […] Read more
Export demand keeps Thunder Bay grain traffic solid
MarketsFarm — Grain movement out of Thunder Bay continues to run at a very strong pace, with shipments to Europe, the Middle East and North Africa behind much of the increased movement. As of Saturday, more than two million metric tonnes of grain have been directly exported from Thunder Bay elevators by ocean-going (saltie) vessels […] Read more
ICE weekly outlook: Canola stronger at midweek
MarketsFarm — ICE Futures canola contracts were stronger on Wednesday, making up losses incurred earlier in the week. The nearby January contract closed Wednesday at $545.80 per tonne, gaining over $10 since closing at $534.90 on Monday. Record-high temperatures in parts of the Prairies were part of the reason behind canola’s rally. However, temperatures are […] Read more
Input Capital takeover falls through
Input says U.S. buyer to walk away, pay termination fee
The Regina company that brought “streaming” to the Prairie canola marketing business is considering its other options now that a friendly cash bid from a U.S. suitor has been taken off the table. Input Capital said Thursday that Washington, D.C.-based investment firm Bridgeway National, which in August proposed to buy Input for about $96.15 million, […] Read more
ICE weekly outlook: Canola’s top likely in for 2020
MarketsFarm — The shine has officially come off the ICE Futures canola market, with prices dropping well below their multi-year highs during the last week of October. The most active January contract hit an overnight low of $514 per tonne on Wednesday, but managed to settle at $535.60. That compares with the contract high of […] Read more
Cream of Wheat maker to buy Crisco line from Smucker
Shortening, cooking oil brand goes to B+G Foods
The U.S. company behind the Crisco brand of cooking oils and shortenings is selling that product line to the maker of Cream of Wheat cereal and Green Giant vegetables. New Jersey-based B+G Foods announced Monday it will buy the Crisco product lines from Ohio-based J.M. Smucker for about US$550 million (C$725.1 million). The sale includes […] Read more
Record-high Canadian canola supplies in commercial pipeline
MarketsFarm — Visible canola supplies in the Canadian commercial pipeline are sitting at historically high levels, according to Canadian Grain Commission data. A total of 1.75 million tonnes of canola were sitting in commercial hands across Canada during the week ended Oct. 18 — only slightly off the record of 1.786 million tonnes set only […] Read more
Canada’s wheat ending stocks projections raised
MarketsFarm — Canadian wheat ending stocks for the current 2020-21 marketing year are forecast to be larger than earlier expectations, according updated supply/demand estimates Thursday from Agriculture and Agri-Food Canada. All-wheat ending stocks for 2020-21 are now forecast at 6.3 million tonnes, which compares with the September estimate of 5.9 million. The total wheat carryout […] Read more
Fund traders grow long positions in canola, U.S. futures
MarketsFarm — Fund traders were on the buy side in grain and oilseed markets during the week ended Tuesday, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC). Managed money fund traders as of Tuesday were holding a net long position in ICE Futures canola of 56,705 […] Read more
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