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
ICE weekly outlook: Canola watching currency markets
ICE weekly outlook: Canola rangebound amid bearish tone
CNS Canada –– ICE Futures Canada canola contracts eked out minor gains for the week ended Wednesday. The increase, however minimal, may have come as welcome relief to a market caught in the grip of large global oilseed supplies for several weeks. “Canola will hang in here until there is a bullish sentiment that can […] Read more
ICE weekly outlook: Nearby canola trending lower
CNS Canada –– ICE Futures Canada canola contracts were mixed during the week ended Wednesday, with the nearby January contract hitting its weakest levels in two months, but the more deferred positions seeing some relative strength as the intermonth spreads saw some adjustment. Traders increased their net short positions in the front month from about […] Read more
ICE weekly outlook: Canola drops below range
CNS Canada — ICE Futures Canada canola contracts finished the week ended Tuesday below their recent range, pressured there by a bearish U.S. Department of Agriculture report that sent grain and oilseed markets tumbling across North America. “Technically the chart looks like it is breaking down, we’re underneath the 50-day moving average in the January […] Read more
ICE weekly outlook: Bounce possible for rangebound canola
CNS Canada –– ICE Futures Canada canola contracts held rangebound during the week ended Wednesday, but could be due for a move higher if the market follows its typical seasonal patterns. The November canola contract has trended sideways over the past month, with prices ranging from $460 to $480 per tonne. That price range is […] Read more
ICE weekly outlook: Canola can’t crack resistance
CNS Canada — ICE Futures Canada canola futures ended slightly higher for the week ended Wednesday. All of the contracts eked out minor gains, but it was largely seen as a frustrating session for the near-term November contract, which again failed to settle above its technical resistance point of $480 per tonne. Funds largely pushed […] Read more
ICE weekly outlook: Canola poised to test resistance
CNS Canada — ICE Futures Canada canola futures tried and failed to break higher on numerous occasions over the past two weeks, but could be poised to finally see a bounce, according to a market analyst. A rebound in palm oil is supporting soyoil, which in turn is supportive for canola, said Errol Anderson of […] Read more
ICE weekly outlook: Canola climbs despite harvest pressure
CNS Canada –– ICE Futures Canada canola contracts finished higher for the week ended Wednesday, posting gains of $9-$10 per tonne despite mounting harvest pressure and large world supplies of vegetable oil. The slumping Canadian dollar, which momentarily reached its lowest point in 11 years during the session, has been a big reason behind canola’s […] Read more
Canola exports seen moving slower than expected
CNS Canada –– Sales of canola out of the world’s top canola-exporting country are moving slower than merchants had anticipated — and market watchers attribute Canada’s sluggish pace to high prices and low global demand. “The export story right now is quiet,” said Peter Schutz, canola merchant at Richardson International, attributing it to a lack […] Read more
ICE weekly outlook: Growers hanging onto supplies
CNS Canada — ICE Futures Canada canola contracts chalked up gains for the week ended Wednesday, as farmers hung onto supplies in the quest to draw out better prices. The January canola contract was the most consistent mover, finishing higher for the seventh consecutive session on Wednesday. Either “producers are not selling it or the […] Read more
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