Reading Time: < 1 minute CNS Canada — ICE Futures Canada canola advanced sharply on the week and has room to strengthen further, though resistance is on the horizon. Canola far outpaced Chicago Board of Trade (CBOT) soybeans in the week ending Wednesday, as the market gathered independent strength. Since last week, July canola advanced about $18 per tonne, closing […] Read more
ICE weekly outlook: More gains likely for rising canola
ICE weekly outlook: Canola looks for support from new crop
Reading Time: 2 minutes CNS Canada — ICE Futures Canada canola contracts finished lower during the week ended Wednesday but attention in the market is turning to the new crop — and to North American acreage expectations. During the week, the dominant May canola contract fell $9.20, from $510.80 per tonne to $501.60. Large funds have now flipped to […] Read more
Canola’s rally pushes cash prices higher
Reading Time: < 1 minute CNS Canada — Canola cash prices notched gains with recent news out of the U.S., but the market remains rangebound, and near-term support is likely to run dry. Canola cash prices were supported by a two-day rally in the futures, said Mike Jubinville of ProFarmer Canada, but crushers have widened out the basis for nearby […] Read more
ICE weekly outlook: Canola sturdy, but watching beans
Reading Time: < 1 minute CNS Canada — ICE Futures Canada canola contracts drifted lower during the week ended Wednesday, but are still holding up rather well compared to the U.S. soy complex. “Canola is very sturdy,” said Ken Ball of PI Financial in Winnipeg, noting the Canadian oilseed has gained about $55 per tonne relative to the U.S. markets […] Read more
Mustard seeding to drop with higher stocks, competition
Reading Time: < 1 minute CNS Canada — Stockpiles of mustard are likely to put a squeeze on the number of acres seeded in Canada this year, especially as the commodity competes price-wise with canola. Olds Products, North America’s second-biggest mustard manufacturer, has started contracting acres in Alberta, Saskatchewan, North Dakota and Montana. Seed division manager Walter Dyck expects less […] Read more
ICE weekly outlook: Canola pointed lower
Reading Time: < 1 minute CNS Canada — ICE Futures Canada canola contracts saw a bit of a corrective bounce on Wednesday but their overall trend remains pointed lower, with the winter highs possibly in for now, according to an analyst. “The technical and the fundamentals are pointing down,” said Errol Anderson of Pro Market Communications in Calgary, pointing to […] Read more
ICE weekly outlook: Easy come, easy go for canola
Reading Time: 2 minutes CNS Canada — The ICE Futures Canada canola market has been something of a maverick over the course of the week, bucking pressure from a stronger loonie and weaker soybeans, but traders could turn on the market in coming sessions, one analyst said. “There’s certainly some commercial buying keeping it firm, but it may be […] Read more
ICE weekly outlook: ‘Toppy’ canola could still go higher
Reading Time: 2 minutes CNS Canada — Canola futures have trended higher in the most active nearby contracts in recent weeks, but still remain underpriced compared to soybeans. From a chart perspective, ICE Futures Canada’s January contract is trading at the highest levels for the front month in two and a half years. However, while “the charts may be […] Read more
ICE weekly outlook: Canola watches weather amid uptick in price
Reading Time: < 1 minute CNS Canada –– Canola futures burst through the psychologically-important $500 per tonne mark during the week ended Wednesday, but now face a critical juncture as weather and time will dictate how much of the remaining crop farmers can get off before winter. “Harvest prospects don’t look that great right now as it doesn’t dry up […] Read more
ICE weekly outlook: Harvest to keep market rangebound
Reading Time: < 1 minute CNS Canada — ICE Futures Canada canola contracts have a softer tone, but are likely to stay rangebound in the short term, one analyst says. “We’re not looking for a significant breakout,” said Jerry Klassen, manager of Canadian operations with Swiss-based GAP SA Grains and Produits in Winnipeg. He pegged canola’s short-term range between $450 […] Read more
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