MarketsFarm — The ICE Futures canola market fell sharply over the last half of January but have turned the corner during the first few trading days of February. “I think we have room for some corrective gains,” MarketsFarm Pro analyst Mike Jubinville said of the recovery in canola. The March contract hit a session low […] Read more
ICE weekly outlook: Canola correcting off lows
CBOT weekly outlook: Corn, soybeans under pressure
MarketsFarm — Market participants on the Chicago Board of Trade (CBOT) are waiting to see how China’s novel coronavirus outbreak will impact commodity demand and the global economy. As of Wednesday, confirmed cases neared 25,000 and the death toll was close to 500. In the midst of dealing with the mounting public health crisis, China […] Read more
Unharvested crops skew StatsCan stocks data
MarketsFarm — Canadian canola stocks were slightly tighter at the end of the 2019 calendar year compared to the previous year, according to updated Statistics Canada data. However, adverse harvest conditions left a large amount of the crop unaccounted for in the survey, which skews the overall supply/demand outlook. “Because of poor weather conditions during […] Read more
U.S. EPA reaffirms glyphosate does not cause cancer
Chicago | Reuters — The U.S. Environmental Protection Agency said on Thursday it finished a regulatory review that found glyphosate, the most widely used herbicide in the United States, is not a carcinogen. The conclusion reaffirms the agency’s stance on glyphosate, the key ingredient in Bayer’s Roundup, despite judgments by U.S. juries that have found […] Read more
CBOT weekly outlook: Soybeans oversold
MarketsFarm — Sharp losses in Chicago Board of Trade soybeans over the past month are looking overdone, according to an analyst who expects the lows may be in for the time being. March soybeans lost roughly 60 U.S. cents per bushel since the beginning of January, with the latest concerns over the coronavirus in China […] Read more
Large funds back on short side in soybeans
MarketsFarm — Large fund traders have moved back to the short side in soybeans while only making small adjustments in canola, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC). The net managed money short position in ICE Futures canola came in Tuesday at 20,366 contracts on […] Read more
U.S. farmers expected to get third and final tranche of trade aid
Washington | Reuters — U.S. Agriculture Secretary Sonny Perdue said he expected the federal government to pay farmers a third and final tranche of 2019 trade aid a day after an initial deal with China was signed, Bloomberg reported on Thursday. Washington and Beijing signed the Phase One pact on Wednesday, setting trade tensions between […] Read more
Trade deal will not affect China’s other ag suppliers, Liu says
Beijing | Reuters — China’s other suppliers of agricultural commodities will not be impacted by the Sino-U.S. trade deal since buying will be based on market principles, Vice-Premier Liu He said, according to a report from state-owned CCTV on Thursday. Liu was speaking on Wednesday at a press briefing after signing the Phase One trade […] Read more
CBOT weekly outlook: Trading cautious on Phase One pact
MarketsFarm — Though China and the United States signed their Phase One trade deal on Wednesday, commodity markets remained “extremely cautious,” according to one analyst. Prices were muted at midday following a signing ceremony at the White House, due to the lack of public details regarding the deal. The market is “preparing for disappointment,” according […] Read more
‘Market condition’ caveat on U.S. ag purchases adds to Phase One doubts
Chicago | Reuters — China’s pledge to buy U.S. farm goods based on “market conditions” during the Phase One trade deal signing ceremony on Wednesday added to doubts among farmers and commodity traders over the lingering tariffs on U.S. exports. The agreement, meant to reduce tensions after nearly two years of a tit-for-tat tariff war, […] Read more