Reading Time: < 1 minute MarketsFarm — Canola ending stocks for both the current marketing year and 2023-24 were raised slightly by Agriculture and Agri-Food Canada (AAFC) in its latest supply/demand projections, released Friday. The government agency lowered its canola export forecast for 2022-23 by 200,000 tonnes from March, now pegging movement at 8.4 million tonnes. With domestic usage left […] Read more
AAFC raises canola stocks projections
StatCan's early acreage estimates due out this week
ICE weekly outlook: Weather to influence canola price movement
Short-covering seen supporting front months for now
Reading Time: < 1 minute MarketsFarm — Canola contracts on the ICE Futures platform held relatively rangebound during the week ended Wednesday, trading within a $20 per tonne range in most months as market participants wait to get a better handle on new-crop prospects. “There’s some concern developing on seeding delays,” said Jamie Wilton of RJ O’Brien in Winnipeg, adding […] Read more
Are the reservoir dog days ending?
If the new canola processors announced for Regina become fully functioning facilities, they could process an additional 4.5 million tonnes of canola per year. Could Lake Diefenbaker water help?
Reading Time: 9 minutes The quickest path from Regina, Sask., to Steve Nelson’s farm at Birsay is to cross Lake Diefenbaker on the Riverhurst Ferry. The flat-deck ferry travels on the hour, carrying vehicles across the two-kilometre expanse of water, cutting highway travel time by at least an hour, maybe two. As a bonus, the experience gets travellers up […] Read more
ICE weekly outlook: New-crop November canola set to step back
StatCan not expected to sway futures much
Reading Time: < 1 minute MarketsFarm — There is presently little upside to new-crop November canola on ICE Futures, according to analyst Errol Anderson of ProMarket Communications in Calgary. Anderson pointed to losses in Malaysian palm oil and weakness in China’s soymeal market as weighing on ICE canola values, with more pressure coming out of South America. “The [soybean] production […] Read more
Louis Dreyfus expanding Yorkton canola crush plant
New expansion would more than double plant's capacity
Reading Time: 2 minutes Louis Dreyfus’ Yorkton, Sask. canola crushing plant is about to undergo another major expansion. The project, announced Tuesday, is expected to add an additional canola crushing line and more than double the plant’s annual capacity to over two million tonnes upon completion. Construction is due to begin later this year. The crush plant, built in […] Read more
Canola fund short position shrinking
Managed money is net long on corn, soy
Reading Time: < 1 minute MarketsFarm — Managed money fund traders continued to cover their large short positions in canola in early April, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC). As of April 4, the net managed money short position in canola futures came in at 49,470 contracts (70,671 short; 21,201 […] Read more
Bidding open for Merit Foods for two more weeks
Stakeholder Burcon plans to put up 'compelling bid'
Reading Time: 3 minutes The fate of Winnipeg pea- and canola-based protein processor Merit Functional Foods won’t be confirmed until the end of April at the earliest. Merit, whose major shareholders include Vancouver plant-based protein firm Burcon NutraScience, U.S. agrifood firm Bunge and former executives of Hemp Oil Canada, was placed into receivership March 1. According to the first […] Read more
ICE weekly outlook: Not a matter of when, but where canola peaks
Prevailing trend remains downward
Reading Time: < 1 minute MarketsFarm — As the rally in canola on ICE Futures continued Wednesday, an analyst stressed it’s not when this upswing ends, but where. David Derwin of PI Financial in Winnipeg spoke of when canola prices were falling, and they broke through that psychological barrier of $800 per tonne on their way down. “That was the […] Read more
Canola fund short position still rising
Managed money net long in soybeans
Reading Time: < 1 minute MarketsFarm — The size of the fund short position in continued to rise in early March, according to the latest Commitments of Traders data out from the U.S. Commodity Futures Trading Commission (CFTC). As of March 7, the net managed money short position in canola came in at 46,222 contracts (61,998 short/15,776 long), an increase […] Read more
ICE weekly outlook: Canola continues its collapse
Limited demand, more farmer selling seen
Reading Time: 1 minute MarketsFarm — After losing $62 per tonne the week before, the May contract on the ICE Futures canola market extended its losses for the week ended Wednesday with little relief on the horizon. Winnipeg-based trader Jerry Klassen of Resilient Commodity Analysis said the massive selloff is the result of farmers realizing there wouldn’t be a […] Read more
A message from April Stewart, Country Guide's Associate Editor
