Reading Time: < 1 minute Speculators were back adding to their large net short position in canola to start 2024, taking the bearish bet to a new record, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
Speculative short position hits new record in canola
Soybeans hit largest net short position since March 2020
ICE canola weekly outlook: Possible support uncovered
Chicago soyoil has shown some stability, underpinning canola
Reading Time: < 1 minute The ICE Futures canola market hit fresh contract lows to start 2024 but may have finally uncovered some support.
Prairie spring wheat bids start year on a soft note
The Canadian dollar again weakened relative to the greenback
Reading Time: 2 minutes Spring wheat bids in Western Canada moved lower during the first week of 2024, as losses in the United States futures more than countered the supportive influence of a weaker Canadian dollar.
CBOT weekly outlook: Soybeans, grains looking bearish to start 2024
Corn consistently below moving averages a bearish sign says analyst
Reading Time: < 1 minute Soybean, corn and wheat futures all came under pressure to start 2024, with the path of least resistance pointing lower still despite the potential for some end-user bargain hunting.
Warmer winter likely across Canada
High probability of warm spring to follow, long-range forecast shows
Reading Time: < 1 minute Warmer than normal temperatures are expected across all of Canada through the winter months, with average precipitation for most of the agricultural areas of the Prairies, according to the latest long-range seasonal forecast from Environment and Climate Change Canada, released Dec. 31.
Funds holding large net short in canola heading into 2024
Corn traders were covering shorts and putting on some new longs as New Year rolled in
Reading Time: < 1 minute The net short position in canola futures was sitting near its largest levels on record to end 2023, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
Rising loonie and weaker futures weigh on spring wheat bids
The Canadian dollar strengthened relative to its United States counterpart
Reading Time: 2 minutes Spring wheat bids in Western Canada were mostly lower during the week ended Dec. 21, as strength in the Canadian dollar and losses in the United States futures weighed on values.
More local barley destined for rations, but U.S. corn still moving
Prior to drought year 2021/22, Canadian corn imports had rarely topped two million tonnes
Reading Time: < 1 minute Recently revised supply/demand tables from Agriculture and Agri-Food Canada raised the forecast for domestic barley usage in the current crop year to 6.155 million tonnes. That compares with an earlier forecast of 5.471 million tonnes. If realized, that would be up by roughly 200,000 tonnes from the previous year.
Good quality Canadian malt barley despite lower yields
CDC Copeland acres declined, with AAC Synergy the most popular malting variety
Reading Time: 2 minutes Hot and dry growing conditions cut into barley yields in Western Canada in 2023 but the quality was generally good, according to the yearly annual harvest report on barley quality from the Canadian Grain Commission (CGC).
Tight Canadian lentil carryout expected
Tightest lentil stocks since July 2010 forecasted
Reading Time: < 1 minute Canadian lentil stocks are forecast to be extremely tight by the close of the 2023/24 marketing year, which should keep prices well supported despite expectations for a smaller export program.
A message from April Stewart, Country Guide's Associate Editor
