CNS Canada — ICE Futures Canada canola contracts posted losses in most months during the week ended Wednesday, though the market uncovered some support to the downside and finds itself well off its nearby lows. The larger-than-expected old-crop stocks uncovered by Statistics Canada in its September 3 report remain a bearish influence overhanging the market. […] Read more
ICE weekly outlook: Canola weak, but finding support
ICE weekly outlook: More losses in store for canola
CNS Canada — ICE Futures Canada canola contracts were mixed during the week ended Wednesday, with losses in the most active November contract but a slightly firmer tone in the more deferred positions. With harvest pressure only beginning in Western Canada, and the U.S. soy complex looking bearish, the front month will likely keep drifting […] Read more
Canola basis levels seen hanging steady
CNS Canada — Despite a turbulent start to the week for most commodities due to China’s stock market crash, basis levels for canola remain relatively attractive in Manitoba and much of the Prairies, according to an industry watcher. Canola growers have been receiving cash prices of roughly $10.50 in Manitoba and parts of Saskatchewan, said […] Read more
Canola exports to feel pinch of Chinese market crash
CNS Canada — Canada’s canola exports will likely get dragged down by the sea of red ink flowing from Chinese markets, according to an analyst. “It will slow the export market. The whole canola engine has shrunk a little bit. Production will be down about 15 per cent or thereabouts,” said Errol Anderson of ProMarket […] Read more
ICE weekly outlook: Further weakness in store for canola
CNS Canada –– The ICE Futures Canada canola market moved lower during the week ended Wednesday, breaking below the key support level of C$480 per tonne in the November contract. With the technical bias pointed lower, further weakness is expected to be in store for the commodity. “I think the ideas in the trade are […] Read more
ICE weekly outlook: Canola drop may spur fresh demand
CNS Canada — ICE Futures Canada canola futures dropped sharply on Wednesday as the market reacted to a surprisingly bearish U.S. Department of Agriculture report and resulting losses in soybeans. While the nearby technical bias has turned bearish, the latest weakness may also serve to uncover some fresh export demand for canola. “It’s a reminder […] Read more
ICE weekly outlook: Canola faces resistance
CNS Canada — ICE Futures Canada canola contracts traded within a wide range during the week ended Wednesday, but settled mixed as the market reacted to conflicting outside factors. While the nearby bias has shifted lower in the most active months, ongoing production uncertainty in Western Canada should remain supportive in the long run, according […] Read more
ICE weekly outlook: Weather key to canola market
CNS Canada — ICE Futures Canada canola contracts climbed to their highest levels in two years during the week ended Wednesday, with mounting weather concerns across the Prairies the key driver in the market. “This thing will keep going until we get some rain,” said Jerry Klassen, manager of GAP S.A. Grains and Produits in […] Read more
ICE weekly outlook: Canola needs more fuel to keep rising
CNS Canada –– ICE Futures Canada canola contracts climbed sharply higher during the week ended Wednesday, but additional gains will need some more bullish news as the market takes a breather and consolidates. A combination of a rally in CBOT soyoil, a weaker Canadian dollar, fund buying and a weekend frost all contributed to the […] Read more
Prairie canola basis levels soften as futures rally
CNS Canada — The ICE Futures Canada canola market has moved sharply higher recently, but the cash market hasn’t followed along, as basis levels have generally seen a softening trend. “Generally we’ve been seeing companies widen their basis levels out a bit. Some have held them steady, some have just crept them out a little […] Read more
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