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
Harvest sample program runs until month’s end
Reading Time: < 1 minute Farmers have until Nov. 30 to submit samples to the Canadian Grain Commission’s Harvest Sample Program. It’s a voluntary program open to all Canadian grain producers. In exchange for the samples, they’ll receive valuable insight into the quality of the crop they have available to market this crop year, including:
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
China moves closer to commercial planting of GMO crops
Numerous corn and soybean varieties approved by regulator in recent ruling
Reading Time: < 1 minute China has approved 37 genetically modified corn seed varieties and 14 GM soybean varieties, taking it close to commercial planting. The varieties approved by the Ministry of Agriculture and Rural Affairs in a recent notice include corn varieties owned by Yuan Longping High-tech Agriculture Co., Syngenta and Dabeinong. China is the world’s top buyer of soybeans and corn, importing […] Read more
Louis Dreyfus to build Ohio soy crush plant
Reading Time: < 1 minute Louis Dreyfus will build a soybean-processing plant in Ohio, the global crop merchant said recently, adding to a booming expansion of oilseed crushing in North America encouraged by biofuel use. Dreyfus intends to start construction in early 2024 on the facility in Upper Sandusky that will have annual soy-crushing capacity of 1.5 million tonnes, the company said […] Read more
New drought in Argentina threatens ‘massive losses’
Rosario Grains Exchange report sees little relief on horizon
Reading Time: < 1 minute Argentina’s core agricultural farmland could suffer “massive losses” in wheat yields due to another drought, the Rosario Grains Exchange warns, even as the country reels from a drought in the last cycle deemed the worst in 60 years. The exchange has not yet changed its forecast for a 15 million tonne wheat harvest for the […] Read more
Cuts to corn output drag IGC’s overall estimates lower
Wheat production estimate up, soy down
MarketsFarm — Reductions to global corn production for 2023-24 resulted in the International Grains Council cutting some of its numbers in its monthly supply and demand report issued Thursday. The London-based IGC reduced its forecast for world corn output from its September call of approximately 1.222 billion tonnes, to 1.219 billion. Although total use in […] Read more
China says GM soy, corn trials show ‘outstanding’ results
The country has not yet approved commercial planting of GM corn and soybeans, but has been studying them for years
Reading Time: 2 minutes China’s farm ministry on Aug. 24 said large trials of genetically modified corn and soybeans showed “outstanding” results and that the technology was safe and essential. China has not yet approved commercial planting of GM corn and soybeans, but has been studying the crops for years, and this year significantly expanded the acreage of its […] Read more
ICE weekly outlook: Which way will canola go?
Basis levels have recently improved
MarketsFarm — As September winds down, ICE Futures canola is poised to either climb higher or fall back, according to analyst Errol Anderson, president of ProMarket Communications in Calgary. That movement will largely be determined by the direction taken by November soybeans on the Chicago Board of Trade, which currently has support at US$13 per […] Read more
Little change seen in USDA’s WASDE report
U.S. corn, soy, wheat production figures down from July report
MarketsFarm — August figures from the U.S. Department of Agriculture’s (USDA) world agricultural supply/demand estimates (WASDE) provided very few surprises and not much change after their release Friday. However, crop production and carryout estimates were tightened from those in July. USDA’s 2023-24 corn production estimate declined by 209 million bushels from July to 15.111 billion, […] Read more
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