Reading Time: 2 minutes CNS Canada — Canadian farmers are sitting on large crops ahead of this year’s harvest, although just how large remains to be seen as industry participants await Statistics Canada’s first survey results of the crop year, set for release on Tuesday. Pre-report trade estimates on canola production range anywhere from 16 million to 20 million […] Read more
Industry bracing for potentially large StatsCan crop estimates
CBOT weekly outlook: Short-term pre-harvest gains likely for corn, soy
Reading Time: 2 minutes CNS Canada — Soybean and corn futures at the Chicago Board of Trade (CBOT) have moved off their nearby lows in recent sessions, and should be due for some more strength in the short-term before seasonal harvest pressure kicks in. The U.S. Department of Agriculture released relatively bearish production estimates on Friday, predicting larger-than-expected U.S. […] Read more
Feed barley down, harvest pressure still to come
Reading Time: 2 minutes CNS Canada — Feed barley prices in Western Canada are trending lower, and likely have more room to the downside as new-crop barley hasn’t even started to enter the market. “Every time we think we’ve found a bottom, it seems to drop again,” said Jared Seitz of Agfinity, an Alberta-based online brokerage. He added “we […] Read more
ICE weekly outlook: Canola sitting right above support
Reading Time: 2 minutes CNS Canada — ICE Futures Canada canola contracts moved lower during the week ended Wednesday, but held above major support as prices remain relatively cheap compared to other oilseeds. Fund traders adding to short positions were behind much of the weakness in canola, although traders said the net short position was reaching the point that […] Read more
Shallow roots potential concern for Manitoba sunflowers
Reading Time: < 1 minute Commodity News Service Canada – Sunflower crops in Manitoba are generally in good shape for this time of year, but excess moisture in the key growing areas have kept root systems shallow, which could create problems later in the season, according to an industry participant. It’s still relatively early for sunflowers, with diseases usually not setting in until […] Read more
Manitoba edible bean prospects hampered by wet weather
Reading Time: < 1 minute Commodity News Service Canada – Heavy rains in key edible bean growing areas of Manitoba over the past week likely cut into production prospects, although the market has yet to see any noticeable reaction from a pricing standpoint. Some bean growing areas of the province were hit harder than others, but “they’ve all had a bit […] Read more
Weak U.S. wheat futures watching European crops
Reading Time: < 1 minute Commodity News Service Canada – U.S. wheat futures are trading just above their weakest levels in 10 years, but the lows may be in for the time being as funds are already holding large short positions and attention turns to problems with the European crop. “We’re really just following the EU,” said wheat-broker Austin Damiani, of […] Read more
Canola drops hard, nearing major chart support
Reading Time: < 1 minute CNS Canada — ICE Futures Canada canola contracts fell below nearby chart support on Thursday, hitting their softest levels in four months. There is more room to the downside, but the market is also looking oversold. Fund traders were noted sellers on the move down, liquidating long positions and possibly moving to the short side […] Read more
Baltic Dry Index edging higher
Reading Time: < 1 minute CNS Canada — The Baltic Dry Index is edging back to levels not seen in over two months, and could be due for more strength, as seasonal trends often see the index rise during the summer and fall. The BDI settled at 694 points on Wednesday, having gained over 100 points over the past two […] Read more
ICE weekly outlook: Canola clawing back from sharp losses
Reading Time: < 1 minute CNS Canada — ICE Futures Canada canola contracts were slowly clawing their way back after dropping to their weakest levels in three months over the past week. The market likely has more room to the upside, although weather conditions will be a major factor driving prices through the summer months. “Canola was ridiculously cheap relative […] Read more