With a record short position in canola, managed money is largely in control of the market according to analyst Wayne Palmer of Exceed Grain in Winnipeg.
ICE weekly outlook: Funds in control of market – for now
Spec funds were keeping a close eye on the weather in Brazil says analyst
ICE weekly outlook: Soy complex supporting canola
'Canola has been largely pulled up'
MarketsFarm — Amid falling crude oil prices, canola prices are staying strong, largely due to the Chicago soy complex, according to a Calgary analyst. Errol Anderson of ProMarket Communications has been impressed with canola’s recent rise. The January contract on ICE Futures was as low at $672 per tonne on Nov. 2 before rising to […] Read more
ICE weekly outlook: Canola futures looking for bottom
Crushing pace remains aggressive
MarketsFarm — ICE Futures canola contracts fell to their lowest levels in three and a half months during the week ended Wednesday, taking some direction from Chicago soyoil as harvest activity winds down across the Prairies. Losses in other markets, including Malaysian palm oil and European rapeseed futures, added to the declines in canola. “Everybody […] Read more
ICE weekly outlook: Canola following soyoil’s lead
Stat Can's principal field crop estimates will be released on Aug. 29, may affect prices
MarketsFarm – The November canola contract rose above the C$800 per tonne mark for the first time in nearly a month during the week ended Aug. 23. However, it wasn’t without some turbulence over the last two days of trading. On Aug. 22, the November contract lost C$13.40 per tonne to close at $796.00, before […] Read more
ICE weekly outlook: Hard to know where canola will go
'Could easily make a case either way'
MarketsFarm — ICE Futures canola contracts fell hard to end the month of May, dropping to levels not seen in more than two years. While the oversold market may be due for a correction, there could also still be more room to the downside. “It’s hard to have a real solid opinion of whether we’ll […] Read more
ICE weekly outlook: Weather to influence canola price movement
Short-covering seen supporting front months for now
MarketsFarm — Canola contracts on the ICE Futures platform held relatively rangebound during the week ended Wednesday, trading within a $20 per tonne range in most months as market participants wait to get a better handle on new-crop prospects. “There’s some concern developing on seeding delays,” said Jamie Wilton of RJ O’Brien in Winnipeg, adding […] Read more
ICE weekly outlook: Rising canola market runs into resistance
Resistance seen around $835, support around $820
MarketsFarm — ICE Futures canola contracts moved higher during the week ended Wednesday, but ran into some resistance to the upside as values held rangebound overall. “Technicals, short-covering, fund buying and a lack of selling,” were all providing support during the week along with spillover from advances in Chicago soyoil, according to Jamie Wilton of […] Read more
ICE weekly outlook: Choppy trading for canola, other oilseeds
Signals not pointing to course change for now
MarketsFarm — Expect canola and other oilseed markets to remain choppy for the time being, according to trader Ken Ball of PI Financial in Winnipeg. “All of the markets are very choppy and erratic. They’re very nervous markets,” Ball emphasized, noting war in Ukraine and drought in Argentina are having some of the biggest impacts […] Read more
ICE weekly outlook: Seasonal upturn possible for canola
'Good underlying support' seen in futures
MarketsFarm — ICE Futures canola contracts may soon be due for a seasonal turn higher as harvest pressure subsides and prices should be looking very attractive to end users. However, uncertain outside influences will still dictate the overall direction. “The field certainly gets muddied by issues of geopolitics,” said MarketsFarm analyst Mike Jubinville, pointing to […] Read more
ICE weekly outlook: Canola rangebound, awaits report
New StatsCan data due out Monday
MarketsFarm — ICE Futures canola contracts saw some choppy activity during the week ended Wednesday, hitting their lowest levels in nearly a month before recovering back toward the upper end of their wide sideways range. A new production report from Statistics Canada, due out Monday (Aug. 30), could set the stage for a break one […] Read more
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