CNS Canada –– ICE Futures Canada canola contracts moved higher during the week ended Wednesday, with the biggest gains in the front months. While the market ran into some resistance on Wednesday, there is still more room to the upside from both a chart and fundamental perspective. “We’re still in an upward trend; we haven’t […] Read more
ICE weekly outlook: Still room higher for canola
ICE weekly outlook: Canola watching acreage numbers
CNS Canada — ICE Futures Canada canola contracts rose during the week ended Wednesday, as strong advances in U.S. soy overpowered resistance cast on the market by the stronger Canadian dollar. The canola market “was able to get some support from the soy action but the Canadian dollar has taken most of it away… it’s […] Read more
ICE weekly outlook: Canola wary of soybean rally
CNS Canada — ICE Futures Canada canola contracts moved lower overall during the week ended Wednesday, as the bearish influence of the rising Canadian dollar countered any spillover support from gains in CBOT soybeans. CBOT soybeans climbed sharply over the course of the week. However, the Canadian dollar has also posted solid gains over the […] Read more
ICE weekly outlook: Canola watching USDA report
CNS Canada — ICE Futures Canada canola contracts advanced during the week ended Wednesday, as weakness in the Canadian dollar and solid support from vegetable oil pushed prices higher. The front-month May contract started the period below technical resistance but soon climbed above $470 per tonne and at one point appeared ready to test the […] Read more
ICE weekly outlook: Canola turning sideways
CNS Canada –– ICE Futures Canada canola contracts hit some of their best levels in a month during the week ended Wednesday, but appear to have run into resistance from a chart standpoint as the near-term outlook shifts sideways. The May contract hit a session high of $476 per tonne on Tuesday, but was unable […] Read more
ICE weekly outlook: Canola recovers, but faces resistance
CNS Canada — ICE Futures Canada canola contracts managed to post small gains over the week ended Wedensday, as the market recovered off of the contract lows hit the previous week. However, former support levels are now acting as resistance, as the market finds itself in a new, slightly lower range. Support in the front […] Read more
ICE weekly outlook: Canola posts gains as loonie plunges
CNS Canada — ICE Futures Canada canola contracts advanced during the week ended Wednesday, on the back of currency action that made the commodity more desirable to international buyers. “This Canadian dollar has really helped out exports to China, Japan, Pakistan and Mexico,” said Wayne Palmer of Agri-Trend Marketing in Winnipeg. The loonie continued to […] Read more
ICE weekly outlook: Canola still rangebound on charts
CNS Canada — ICE Futures Canada canola contracts broke above major resistance levels this week, hitting levels not seen since August. However, as they say, what comes up must come down — and prices were well off of those highs by Tuesday’s close, bringing the market back within its long-standing trading range. The most active […] Read more
ICE weekly outlook: Canola seesaws with StatsCan report
CNS Canada — ICE Futures Canada canola contracts posted modest losses for the week ended Wednesday, with the January contract falling slightly below the key technical benchmark of $470 per tonne. Still, at least one analyst said he thinks canola is well positioned to climb higher. A bearish Statistics Canada report on Friday pegged canola […] Read more
ICE weekly outlook: Canola watching currency markets
CNS Canada — ICE Futures Canada canola contracts moved higher during the week ended Wednesday, but further gains may be hard to come by without more support from the currency markets. “We’ve been held up here by the weaker Canadian dollar,” said Jerry Klassen, manager of the Canadian office for Swiss-based GAP S.A. Grains and […] Read more
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