Reading Time: 2 minutes MarketsFarm — After being in a steady decline over the past month, the ICE Futures canola market was on the rise for the week ended Wednesday. The July canola contract closed Wednesday at $670.30 per tonne, an increase of $20.70 from the week before. Meanwhile, the November canola contract rose $22.60 per tonne over the […] Read more
ICE weekly outlook: Canola finds support from funds, weather
Crude oil markets also a factor
Ontario extends deadline to lock in RMP coverage
Final date to secure coverage moved to June 30
Reading Time: < 1 minute Grain and oilseed growers and cattle, hog, sheep and veal producers in Ontario now get until June 30 this year to secure coverage under that province’s Risk Management Program (RMP). The province on May 29 announced the deadlines for grain and oilseed producers to submit their completed RMP applications and make any coverage changes — […] Read more
Bunge, Viterra merger would create global ag trading giant
Companies have some overlap in Canadian crushing
Reading Time: 3 minutes Reuters — A merger of U.S. grains merchant Bunge Ltd. with rival Viterra would grow the combined entity’s businesses in the U.S., Brazil and Australia and may raise competition concerns in parts of Canada and Argentina, where key oilseed processing assets overlap, analysts said. Sources last week said Bunge and Viterra were in talks for […] Read more
ICE weekly outlook: Don’t bank on $700 canola, analyst suggests
Fresh bullish news not yet in view
Reading Time: < 1 minute MarketsFarm — New-crop canola prices on ICE Futures seemed to be destined to remain well below $700 per tonne, according to analyst Errol Anderson of ProMarket Communications in Calgary. “The market tends to be back where it came from,” Anderson said, stressing that chances of canola pushing higher requires fresh bullish news. “It’s got to […] Read more
CBOT weekly outlook: Traders, analysts anticipate WASDE report
El Nino also worth watching longer-term
Reading Time: 2 minutes MarketsFarm — While traders and analysts continue to keep an eye on weather conditions, their collective focus will momentarily shift on Friday when the U.S. Department of Agriculture (USDA) releases its monthly world agricultural supply/demand estimates (WASDE). This month’s report will be highly significant as it will announce the first U.S. crop production estimates for […] Read more
ICE weekly outlook: Canola showing independent strength
Prairie weather uncertainty supportive
Reading Time: 2 minutes MarketsFarm — ICE Futures’ canola market saw some independent strength relative to other oilseeds during the week ended Wednesday, as speculative positioning and the need to ration tight old-crop supplies provided support. Canadian canola stocks as of March 31 were pegged at 5.95 million tonnes by Statistics Canada in a report released Tuesday. That was […] Read more
Rapeseed production expected down in EU
USDA attache sees more soy, sunflower
Reading Time: 2 minutes MarketsFarm — Rapeseed production in the European Union (EU) is expected to see a small decrease in the 2023-24 marketing year, according to the U.S. Department of Agriculture’s (USDA) European Union attaché in Vienna. In a Global Agricultural Information Network (GAIN) report released Wednesday, the EU’s 2023-24 rapeseed crop is expected to total 19.3 million […] 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
AAFC supply/demand estimates mostly unchanged
Wheat exports up, but domestic usage cut
Reading Time: 2 minutes MarketsFarm –– Supply/demand estimates for Canadian crops were largely left unchanged in Agriculture and Agri-Food Canada’s (AAFC) latest projections, with only the wheat numbers seeing small adjustments in the report released Tuesday. Projected Canadian wheat exports for the 2022-23 marketing year were raised to 24.3 million tonnes, up by 200,000 from the February estimate. Domestic […] Read more
Canola crush of 2022 smallest in five years
Meanwhile, soybean crush rose on the year
Reading Time: 2 minutes MarketsFarm — Statistics Canada (StatCan) reported that 2022 had the smallest domestic canola crush for a calendar year since 2017. As well, 2022 marked the smallest canola oil production in five years and the least amount of canola meal produced in four years. The sharp reduction of canola being crushed was due to the 2021 […] Read more
A message from April Stewart, Country Guide's Associate Editor
