CNS Canada — Wet and snowy weather now plaguing the Prairies isn’t to blame for the canola market’s recent upswing, according to one trader. “Canola’s been firm but it really hasn’t shown any reaction whatsoever to the weather; it’s going up because bean oil’s going up and it’s lagging the bean oil gains by quite […] Read more
ICE weekly outlook: Soyoil, not weather, main influence on canola
U.S. grains: Soybeans rise on bargain buying, sale to Mexico
Chicago | Reuters — Bargain buying and a major sale of U.S. soy to Mexico on Wednesday helped lift U.S. soybean futures for a second day, traders said, while corn and wheat futures slipped. Soybeans are recovering after the most actively traded contract last week fell to its lowest price in nearly 10 years. The […] Read more
ICE weekly outlook: Canola still watching soy, weather
CNS Canada — ICE Futures canola contracts moved off their nearby lows over the week ended Wednesday as persistent harvest delays provided support. Additional strength, however, may be dependent on movement in the Chicago soybean market. “Soybeans will be the driving force behind which way canola futures go,” said commodities investment advisor David Derwin of […] Read more
ICE weekly outlook: Canola’s downward spiral to continue
CNS Canada — ICE Futures canola contracts will continue to drift downward for the foreseeable future, according to one analyst. “The demand isn’t here because the buyers know that the farmer is undersold and they have to sell it,” said Wayne Palmer, senior market analyst with Exceed Grain. The November canola contract dipped below the […] Read more
Ag trade flows may change amid trade dispute, Bayer says
Monheim | Reuters — Bayer said on Tuesday it would be difficult to predict 2019 earnings at its agriculture business, which now includes Monsanto, because a U.S.-Chinese trade dispute could reroute global trade flows in farming commodities. The head of Bayer’s crop science division told Reuters his company could even benefit if U.S. farmers switched […] Read more
ICE weekly outlook: Yields still up in the air
CNS Canada — ICE Futures canola contracts recovered off of nearby lows over the week ended Wednesday, but failed to rise to the same extent as the product values as the commodity remains expensive compared to other oilseeds. With the harvest underway across the Prairies, traders are focused on yield estimates and the size of […] Read more
Brazilian court overturns ban on glyphosate
Brasilia | Reuters — A Brazilian court on Monday overturned an injunction banning products containing the herbicide glyphosate, knocking down a previous ruling that had been set to disrupt the soy planting season set to begin this month. A Brazilian judge ruled last month to halt the registration of new glyphosate-based products in the country […] Read more
U.S. maps out tariff-related direct payments to farmers
Chicago | Reuters — The U.S. Department of Agriculture said on Monday its farm aid package would include US$4.7 billion in direct payments to farmers to help offset losses from retaliatory tariffs on U.S. exports this season. The bulk of the payments, $3.6 billion, would be made to soybean farmers (all figures US$). That amounts […] Read more
Manitoba soy growers likely face light yields
CNS Canada — Manitoba soybeans will be ready for harvest well ahead of normal, provincial pulse crop specialist Dennis Lange said, fresh from fields where he was conducting maturity ratings. He said he was out around Morris on Tuesday and some soybean varieties there are already nearing full maturity. Throughout Manitoba, farmers could be taking […] Read more
ICE weekly outlook: Canola watching soy ahead of harvest
CNS Canada — ICE Futures canola contracts held relatively rangebound during the week ended Wednesday, although the looming harvest and weakness in CBOT soybeans could weigh on values going forward. The November canola contract held above the psychological $500 per tonne level during the week, which should be providing decent opportunities for hedging, said commodities […] Read more
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