CNS Canada — ICE Futures canola contracts recovered off of nearby lows over the week ended Wednesday, but failed to rise to the same extent as the product values as the commodity remains expensive compared to other oilseeds. With the harvest underway across the Prairies, traders are focused on yield estimates and the size of […] Read more
ICE weekly outlook: Yields still up in the air
ICE weekly outlook: Canola set to chop around bottom end of long-term range
CNS Canada — Contracts on the ICE Futures canola market are bracing for turbulence in coming days as trade negotiations between Canada and the U.S. and a looming production report from Statistics Canada take centre stage. According to one analyst, these and other factors may play havoc with the Canadian dollar, which could send canola […] Read more
ICE weekly outlook: Canola futures brace for harvest pressure
CNS Canada — ICE Futures canola contracts continued to hang above the psychologically-important $500 per tonne mark during the week ended Wednesday, but the real test could be in the coming weeks as harvest kicks into full gear. The front-month November contract rose $2.10 during the week to $506.90 per bushel by Wednesday’s open. As […] Read more
ICE weekly outlook: Canola watching soy ahead of harvest
CNS Canada — ICE Futures canola contracts held relatively rangebound during the week ended Wednesday, although the looming harvest and weakness in CBOT soybeans could weigh on values going forward. The November canola contract held above the psychological $500 per tonne level during the week, which should be providing decent opportunities for hedging, said commodities […] Read more
ICE weekly outlook: Big crop keeps market under pressure
CNS Canada — ICE Futures Canada’s canola contracts were up and down during the week ended Wednesday, lacking any clear direction as values consolidated above the nine-month lows set the previous week. “Canola is a follower and does not have a mind of its own,” said analyst Wayne Palmer of Agri-Trend. The underlying fundamentals were […] Read more
ICE weekly outlook: Dry weather keeping canola from more downside
CNS Canada –– A lack of rain in Western Canada may be the only thing keeping canola futures prices from dropping much further than they have already. The dominant November contract was above $525 a tonne in late June, but has since fallen to the $490 mark as of Wednesday. Global trade disruptions and a […] Read more
Crude oil and canola part company, for now
CNS Canada — The symbiotic relationship that crude oil and canola used to enjoy seems to have hit a snag. Chart structures have proven that crude prices have pushed and pulled canola up and down in recent years. However, since the start of 2018, the gains enjoyed by crude oil have failed to lift canola. […] Read more
ICE weekly outlook: More downside likely for canola
CNS Canada — ICE Futures Canada canola futures fell sharply lower during the week ended Wednesday, but could still have more room to the downside as the oilseed remains overpriced compared to the slumping U.S. soybean market. Mounting trade tensions between the U.S. and China led to a selloff in Chicago Board of Trade (CBOT) […] Read more
ICE weekly outlook: Canola to face pressure from northbound U.S. soy
CNS Canada — As Friday’s deadline nears for Chinese tariffs to be imposed on imports of U.S. soybeans, so too does the idea that eastern crushers could soon be bringing those unwanted beans into Canada. “Soybeans have become so cheap we’re going to find them leaking across the border, especially into Ontario,” said Mike Jubinville […] Read more
ICE weekly outlook: Market watching weather, acres, trade
CNS Canada — Canola futures bounced around within a rather narrow range during the week ended Wednesday, but generally trended higher as the market recovered off of the four-month lows hit on June 19. Statistics Canada releases updated acreage estimates on Friday, and any surprises in the data could provide some nearby direction. The U.S. […] Read more
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