Canola across most of the Prairies appeared to be in good shape during the second last week of June, with very little prospect of a major rally according to a trader.
Canola
ICE Canada Weekly: Little to propel canola upward
Sideways trade expected to emerge
There aren’t a lot of market catalysts on the horizon
Export movement remains lacklustre at best, but canola is said to look more attractively priced internationally.
Canola fund short position climbs higher
As of June 11, 2024, the net managed money short position in canola futures came in at 99,252 contracts (1,950 long/101,202 short), which was up by roughly 30,000 contracts from the previous week.
Seeding in Alberta nearly complete, with strong emergence
Spring planting in Alberta was virtually complete according to the province’s latest crop report. As of June 11, seeding in Alberta was a smidge under 100 per cent complete provincewide and on par with the five-year average. The Peace River Region ranked 100 per cent complete for its major crops, while the south, central, northeast
Saskatchewan spring planting virtually complete
At 98 per cent complete, spring planting in Saskatchewan has essentially wrapped up for 2024, although for rain has delayed farmers’ last rounds in the northeast and east-central regions of the province. For the week ended June 10, it was the northeast that received the most precipitation in Saskatchewan. The province’s latest crop report noted
ICE weekly: Canola futures volatile amidst selling, rainy weather
Intercontinental Exchange (ICE) canola futures went on a rollercoaster ride during the week ended June 12. The July contract failed to record consecutive gains or losses during the week, with prices ranging from C$615.40 to C$641.80 per tonne. The November contract, which traded as high as C$662.90 earlier in the week, fell to its lowest
Canadian Grain Commission announces grain grading changes
The Canadian Grain Commission (CGC) announced several grain grading changes for the 2024-25 crop year to better meet the needs of the domestic grain sector and global buyers. “The Canadian Grain Commission values stakeholder input and is implementing these changes based on feedback from the sector. They will support continued growth and Canada’s reputation as
Manitoba seeding nears completion: report
Manitoba farmers made good seeding progress in early June despite wet conditions, with 92 per cent of intended acres in the ground – up nine points from the previous week, according to the latest provincial crop report for the week ended June 11. Spring cereals, peas, and grain corn were approximately 97 per cent complete.
Seeding progress in Manitoba passes 90 per cent mark
Manitoba Crop Report: Issue 7
Despite the wet conditions, seeding progress was made throughout much of the province last week and is estimated to be 92 per cent complete. Spring cereals, peas, and grain corn are approximately 97 per cent complete. Canola and soybean planting advanced, with 88 per cent of canola acres and 92 per cent of soybean acres
Seeding very close to wrapping up in Alberta
Spring planting in Alberta has almost wrapped up for this year, with the agriculture ministry pegging it at 97 per cent complete province-wide as of June 4. Seeding advanced 20 points on the week with the pace at the five-year average. The greatest overall progress was made in northeastern, northwestern and central Alberta. The northeast