CNS Canada — Snow, rain and cold temperatures over the past week helped canola futures trend higher, hitting their strongest levels in three months. With about a fifth of the crop facing harvest delays, more gains are possible, but the large U.S. soybean crop remains a bearish influence in the background. “Farmers continue to struggle […] Read more
ICE weekly outlook: Canola watching weather
ICE weekly outlook: Canola treads water looking for direction
CNS Canada — ICE Futures Canada canola contracts continue to chop around in a narrow range these days, as the trade waits for the market to break one way or another. Canada and China recently agreed on rules over dockage that will see shipments of canola accepted at Chinese ports as long as they don’t […] Read more
ICE weekly outlook: Canola crop size watched closely
CNS Canada — ICE Futures Canada canola contracts moved higher during the week ended Wednesday, although prices remain rangebound overall as market participants continue to try and get a better handle on the size of this year’s Canadian crop. While seasonal harvest pressure may be tempering the upside potential, that selling has not been as […] Read more
ICE weekly outlook: Export uncertainty dogs canola
CNS Canada — Canola futures don’t appear ready to climb drastically higher anytime soon as uncertainty over Chinese buying weighs on the market, according to a Winnipeg trader and analyst. The recent grain stocks report compiled by Statistics Canada has become a source of pressure for canola, said Ken Ball of PI Financial. StatsCan’s report […] Read more
ICE weekly outlook: Stocks add softer undertone to market
CNS Canada –– A stocks report from Statistics Canada has changed the dynamic of the canola market, one analyst says, though prices are not expected to plummet. Statistics Canada estimates canola stocks at 2.016 million tonnes as of July 31. The government agency also upwardly revised year-ago production numbers. “It causes a fairly significant shift […] Read more
ICE weekly outlook: Canola watching China before harvest
CNS Canada — The canola market continues to watch and wait for the Chinese and Canadian governments to resolve a dispute over the amount of dockage allowed in imports of Canadian canola. Until that happens, canola may face growing pressure between now and next week. On Sept. 1, China is scheduled to lower the amount […] Read more
ICE weekly outlook: Traders watch China, production numbers
CNS Canada –– Two main factors are dominating the ICE Futures Canada canola market, one analyst says, as prices are poised to meet resistance in the near-term. “The market is looking for some signs of resolution around this Chinese dockage situation, and it just continues to bring a lot of uncertainty,” said Jonathon Driedger, market […] Read more
ICE weekly outlook: Canola looks to widen out range
CNS Canada — ICE Futures Canada canola contracts appear poised to chop around a new $20 trading range ahead of the harvest. The front-month canola contract had been down at $446 per tonne to start the week (Aug. 3-10) until speculator activity and spillover gains from vegetable oil helped bring it up to the $460 […] Read more
ICE weekly outlook: Canola sitting right above support
CNS Canada — ICE Futures Canada canola contracts moved lower during the week ended Wednesday, but held above major support as prices remain relatively cheap compared to other oilseeds. Fund traders adding to short positions were behind much of the weakness in canola, although traders said the net short position was reaching the point that […] Read more
ICE weekly outlook: Weather market ahead
CNS Canada — ICE Futures Canada canola prices edged up on the week, propped up by soggy Prairie fields and the anticipation for warm, dry weather in the U.S. Going forward, the market will be dominated by fund trading and weather-watching. “Funds are net short right now, and that’s something different, because we’ve rallied back […] Read more
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