MarketsFarm — After May and July canola contracts took hefty hits over the past the week, they skyrocketed to close out the calendar month following a pair of reports from the U.S. Department of Agriculture (USDA). The department on Wednesday issued its first survey-based prospective planting report for 2021, which called for increased acres for […] Read more
ICE weekly outlook: USDA reports could spur record canola acres
ICE weekly outlook: Canola still finding support
U.S. acreage estimates could sway futures
MarketsFarm — The ICE Futures canola market saw some wide price swings over the week ended Wednesday, dropping by more than $50 per tonne off its contract highs in the nearby May contract before recovering to trade just a few dollars off of those levels once again. Tight canola supplies, strength in world vegetable oil […] Read more
ICE weekly outlook: Is a bear market next for canola?
Winnipeg | MarketsFarm — The canola market started to retreat this week as unpriced supplies still in the countryside approach non-existent, according to Wayne Palmer, analyst with Exceed Grain in Winnipeg. For the first half of the week of March 15, canola began to lose strength, particularly in old-crop months. That was highlighted at the […] Read more
ICE weekly outlook: Canola’s correction likely short-lived given tight supplies
MarketsFarm — The ICE Futures canola market ran into a profit-taking correction on Wednesday, backing away from recently-hit contract highs. While a further correction is possible, the underlying fundamentals remain supportive and canola is expected to retain its relative strength to other oilseeds. “The market needs bullish fuel, but it’s just not getting any,” said […] Read more
ICE weekly outlook: Canola back where it started
Day-to-day movements seen as tough to predict
MarketsFarm — ICE canola futures are pretty much back where they were a week ago after losing ground, only to recover by small — and then strong — gains. The May canola contract finished at $765.20 per tonne on Friday and closed Wednesday at $767.30. In between, the lowest close for May was $735.20. That […] Read more
ICE weekly outlook: Profit-taking to pressure canola
Market appearing overdone
MarketsFarm — ICE Futures canola contracts climbed to record highs during the week ended Wednesday as concerns over tightening old-crop supplies provided support. However, the market was looking overdone to the upside and profit-taking came forward to put some pressure on values. “The traders that are still long are playing the game of forcing the […] Read more
ICE weekly outlook: March canola contract not quite out of game
MarketsFarm — ICE Futures’ March canola contract doesn’t have too much to do with the price of the Canadian oilseed directly now but still can influence prices in coming days, according to Keith Ferley of RBC Dominion Securities in Winnipeg. Open interest in the March contract was around 15,000 as of Feb. 17. Ferley noted […] Read more
Funds add to net longs in canola, U.S. futures
MarketsFarm — The large managed-money net long positions in soybean, corn and canola futures increased during the week ended Tuesday, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC). Managed money fund traders were holding a net long position in ICE Futures canola of 43,967 contracts as […] Read more
ICE weekly outlook: Volatility day-to-day in bullish canola market
MarketsFarm — The ICE Futures canola market saw some large price moves during the week ended Wednesday, hitting fresh contract highs in many months before profit-taking came forward to weigh on values. With canola trading at historically high price levels, the potential volatility in the marketplace can go to extreme levels without much explanation, analyst […] Read more
ICE weekly outlook: How long can canola remain well supported?
MarketsFarm — Despite recent declines in canola prices, the Canadian oilseed remains very well supported, according to Errol Anderson of Market Place Communications in Calgary. The question he posed, though, was for how long can this last? “The market is incredibly well supported because of the lack of deliveries and that the crushers are still […] Read more
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