Reading Time: < 1 minute MarketsFarm — Speculators in ICE canola moved back to a net long position in the futures to start the New Year, according to the latest Commitment of Traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC). The net managed money long position in ICE Futures canola came in at 6,805 contracts on Jan. […] Read more
Fund traders back on the long side in canola
Net long also extended in CBOT corn, soy
SaskCanola, SaskFlax merge offices, management
Groups will maintain separate governing boards, levies
Reading Time: 2 minutes Sasskatchewan’s canola and flax development commissions are consolidating their management, staff and office space under one roof. SaskCanola and SaskFlax said Wednesday their new “management collaboration” will translate to efficiencies for both commissions with “a full staff complement to support both boards.” Both organizations will now operate out of the current SaskCanola office at Innovation […] Read more
ICE weekly outlook: Sideways canola market watching macros
USDA report may offer nearby direction
Reading Time: < 1 minute MarketsFarm — ICE Futures canola contracts remain stuck in a sideways trading range to start the New Year, with bearish outside forces countered by relatively supportive fundamentals. From a chart standpoint, March canola is stuck in a sideways range between $800 and $900, with little to suggest a break one way or the other for […] Read more
ICE weekly outlook: Markets rangebound into the New Year
ICE canola plays catch-up on CBOT gains
Reading Time: < 1 minute MarketsFarm — As 2022 comes to an end, a trader stated the commodities market will very likely remain rangebound through the New Year. Ken Ball, of PI Financial in Winnipeg, said there’s heavy spreading, as well as the maneuvering of year-end positions and plenty of liquidation going on at the moment, “all trapped in a […] Read more
ICE weekly: Canola regains strength after days of declines
Reading Time: 2 minutes MarketsFarm — After a losing string of four straight sessions, the ICE Futures March canola contract regained some strength on Wednesday. Limited and choppy trading in nearby soybean contracts had pulled down canola for most of the week, according to Winnipeg-based independent trader Jerry Klassen. “When the March got up to $868-$870 (per tonne)… there […] Read more
Large gap between StatCan, USDA canola estimates
USDA sticks closer to StatCan expectations on wheat
Reading Time: 3 minutes MarketsFarm — There’s a significant difference in the amount of canola grown in Canada during 2022-23, in the estimate from Statistics Canada (StatCan) compared to that from the U.S. Department of Agriculture (USDA). Earlier in December, StatCan’s survey-based production of principal field crops report pegged this year’s canola harvest at 18.17 million tonnes. That’s a […] Read more
AAFC raises canola stocks projection, despite smaller crop
Department also trims wheat ending stocks
Reading Time: 2 minutes MarketsFarm — Canadian canola ending stocks for 2022-23 were revised higher by Agriculture and Agri-Food Canada in its latest supply/demand estimates, released Friday. The larger carryout projection came despite a downward revision to production, as both exports and domestic usage were also down from the November report. The government agency now sees canola carryout of […] Read more
ICE weekly outlook: Canola trade’s focus on South America
Canola still entrenched in $800-$900 range
Reading Time: < 1 minute MarketsFarm — ICE Futures canola contracts held relatively rangebound during the week ended Wednesday, looking for some direction to push values one way or the other. “We’re just watching South American weather now,” said Jaimie Wilton, commodities futures specialist with RJ O’Brien in Winnipeg, pointing to the drought in Argentina and the relatively favourable conditions […] Read more
ICE weekly outlook: Less canola to be exported
Crop expectations from Canada, Australia are factors
Reading Time: 2 minutes MarketsFarm — Any hopes of Canada exporting 9.3 million tonnes of canola during 2022-23 have now been dashed for two reasons. One reason is the latest Statistics Canada production report that cut canola production for the current marketing year. The other is the bumper canola crop Australia is now expected to have this year. StatCan’s […] Read more
Australia looking at record wheat, canola crops
Near-record winter crop output expected
Reading Time: < 1 minute MarketsFarm — Australia is forecast to harvest record-large wheat and canola crops in 2022-23, with improved crop prospects in many parts of the country more than offsetting losses in others. That analysis comes from the latest crop report from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), released Tuesday. Total production of […] Read more
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