MarketsFarm — ICE Futures canola contracts climbed sharply higher in the front months during the week ended Wednesday, hitting their highest levels since 2008. The March contract settled Wednesday at $717.80 per tonne, marking the first close above the $700 per tonne level since March 2008. “Everybody is long, and everybody won’t make a profit […] Read more
ICE weekly outlook: Canola entering uncharted waters
ICE weekly outlook: Potential remains for higher canola prices
MarketsFarm — Canola prices fell back during the course of the last week, but should begin to move higher going into the coming week, according to trader Ken Ball of PI Financial in Winnipeg. Canola likely “reached the top” last week with profit-taking having set in, he said, noting a lot of money pours into […] Read more
Funds’ net long position edges lower in canola
Net long increased in MGEX and K.C. wheats
MarketsFarm — Funds’ large net long position in canola narrowed slightly 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 as of Tuesday were holding a net long position in ICE Futures canola of 51,614 contracts, down by about […] Read more
ICE weekly outlook: WASDE spillover boosts canola
Canola may soon become price-sensitive, analyst says
MarketsFarm — Sharp increases in soybean, corn and wheat futures on Tuesday, following the release of the latest supply and demand report from the U.S. Department of Agriculture (USDA), in turn spilled over into canola. The most significant factors in USDA’s world agricultural supply and demand estimates (WASDE) were further reductions to ending stocks for […] Read more
ICE weekly outlook: Rallying canola not at top yet
MarketsFarm — ICE Futures canola contracts continued to climb higher during the first few trading days of 2021 — and could still see more gains before the inevitable correction. “We’re not necessarily at the top,” said analyst Errol Anderson of Pro Market Communications in Calgary, adding “the market is going through intense demand rationing right […] Read more
ICE canola weekly outlook: Canola dips at midweek
MarketsFarm – ICE Futures canola contracts were weaker on Wednesday, sustaining contract prices around C$630 over the Christmas holidays. The nearby January contract closed at C$629.20 per tonne on Dec. 30, just a few pennies lower than its Dec. 23 close of C$630.90. Ken Ball of PI Financial in Winnipeg, Man., said canola prices will […] Read more
ICE weekly outlook: Canola, soybeans – keep an eye on South America
MarketsFarm – After canola incurred six consecutive sessions of gains in which new contract highs were reached, the Canadian oilseed took a bit of tumble on the Intercontinental Exchange. Such is a sample of the volatility in the market during the holidays. Keith Ferley, a trader with RBC Dominion Securities in Winnipeg, Man., suggested there […] Read more
Funds sitting on large net long in canola
MarketsFarm — The net long position fund traders are holding in canola futures remains historically large, with almost all of the managed money in the market sitting on the long side, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC). Managed money fund traders as of Tuesday […] Read more
ICE weekly outlook: Canola holds over $600
MarketsFarm — ICE Futures canola contracts were stronger Wednesday, hitting multi-year highs for three consecutive days. The nearby January contract closed at $602.90 per tonne on Wednesday, gaining nearly $10 since Friday’s close of $593.60. Ken Ball of PI Financial in Winnipeg said canola is expected to go higher in order to “kill off some […] Read more
ICE weekly outlook: Canola entering holiday mode
MarketsFarm — ICE Futures canola contracts hit fresh multi-year highs following the release of updated production data from Statistics Canada, but the market ran into resistance and could be expected to see some consolidation ahead of the New Year. The most-active January contract touched a session high of $599 per tonne on Friday last week, […] Read more
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