Reading Time: < 1 minute MarketsFarm — As the speculative longs for ICE Futures canola keep trying to defend their position, trader Ken Ball of PI Financial in Winnipeg said the pressure on canola continued to build. That’s especially so with declines over the last few weeks in Chicago soyoil, Malaysian palm oil and European rapeseed, he said. “No one […] Read more
ICE weekly outlook: Canola futures bend under pressure
USDA expects canola, sunflowers elsewhere to offset Canada’s shortfalls
Reading Time: < 1 minute MarketsFarm –– Good canola and rapeseed crops in Australia and a number of other parts of the world along with large world sunflower seed production should help offset Canada’s smaller-than-expected production somewhat, according to the December oil crops outlook from the U.S. Department of Agriculture. Total global canola/rapeseed production is now forecast by USDA at […] Read more
ICE weekly outlook: Canola futures still well supported
Reading Time: < 1 minute MarketsFarm — The ICE Futures canola market was showing signs of running into resistance to the upside during the week ended Wednesday, as speculators booked profits on some of their large long positions. The general uptrend, however, remains intact despite the minor correction. While bouts of consolidation were not unexpected, “the trends are still upward […] Read more
Ambassador to China to leave post after helping free detainees
Canola, 5G access, other issues remain
Reading Time: 2 minutes Ottawa | Reuters –– Canada’s ambassador to China said on Monday he would soon leave his post after a two-year assignment where he helped secure the freedom of two Canadian detainees despite icy relations between Beijing and Ottawa. Dominic Barton’s departure, which will take effect Dec. 31, leaves a crucial diplomatic post open at a […] Read more
Canola declines, durum drops in new StatsCan estimates
Soybean, oats estimates raised
Reading Time: 3 minutes MarketsFarm — There were very few surprises in Statistics Canada’s latest principal field crop production estimates released Friday — the first in 2021-22 to use a survey of producers. Nevertheless, they quantified just how severe last summer’s drought was in Western Canada. Canola production for the 2021-22 marketing year was estimated to be 12.595 million […] Read more
ICE weekly outlook: Days of $1,000 canola done, for now
Reading Time: 2 minutes MarketsFarm — There very likely won’t be any resurgence in canola that would see old-crop futures exceed $1,000 per tonne in the near future, according to analyst Errol Anderson of ProMarket Communications in Calgary. In recent days, canola has been taking a series of hard hits, which have pulled the January and March contracts under […] Read more
Smaller crops likely in StatsCan survey-based report
Reading Time: 2 minutes MarketsFarm — Mindful of the summer drought conditions that seriously cut into crop production across the Prairies, average trade estimates call for downward revisions to Statistics Canada’s already-small forecasts for most crops when the it releases its first survey-based estimates of the marketing year on Friday. While prior reports, in September and August, were compiled […] Read more
ICE weekly outlook: Canola market strong but choppy
Reading Time: < 1 minute MarketsFarm — Nearby ICE Futures canola contracts climbed to fresh highs during the week ended Wednesday, while= deferred months moved lower. The new-crop November 2022 contract had overshot to the upside and was due for a correction, said Keith Ferley of RBC Dominion Securities in Winnipeg. Any weakness would likely be met by commercial buying, […] Read more
AAFC lowers canola export forecast
Domestic canola usage raised; other crops largely unchanged
Reading Time: 2 minutes MarketsFarm — Canadian canola exports during the 2021-22 marketing year are forecast to be smaller than earlier projections, Agriculture and Agri-Food Canada (AAFC) reported late Friday. Domestic usage, however, was raised in the report, keeping ending stocks of the crop steady with the October forecast. Total Canadian canola exports in 2021-22 are now forecast at […] Read more
ICE weekly outlook: Canola trade starts rolling out of January early
Reading Time: 2 minutes MarketsFarm — Action has begun somewhat sooner than expected for traders rolling out of the January canola contract on ICE Futures, according to trader Ken Ball of PI Financial in Winnipeg. The main reasons are the massive size of the long position and tight supplies of canola. However, he wasn’t entirely sure if the price […] Read more
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