With the growing likelihood of an interest rate cut by the Bank of Canada, spillover from the move could prove to be beneficial for canola prices, according to Calgary-based Errol Anderson of Errol’s Commodity Wire.
Canola
ICE Canada weekly: Interest rate cuts to have positive or negative effect on canola
Manitoba crop report: Seeding continues despite large rainfall
Despite heavy rains as well as snowfall, Manitoba farmers were still able to make planting progress during the week ended May 25, according to the province’s weekly crop report.
Agro-Manitoba sees more precipitation, seeding progress behind five-year average
Manitoba Crop Report: Issue 5 (week 21)
Seeding progress has been observed in many areas of the province this past week and is now at 64 per cent complete. Producers have focused on planting corn (80 per cent complete), spring wheat (87 per cent complete) barley (79 per cent complete) and peas (96 per cent complete). Canola planting continues with 41 per
St. Lawrence Seaway grain movement up five per cent in 2023
Grain movement through the St. Lawrence Seaway was up by five per cent in 2023 compared to the previous year, with Canadian wheat accounting for well over half of all the grain moved, according to a joint report from the Canadian St. Lawrence Seaway Management Corporation (SLMC) and the United States Great Lakes St. Lawrence Development Corporation (GLS) released May 27.
Fund short position steady in canola
The managed money net short position in canola futures held steady during the week ended May 21, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
ICE Weekly: Canola reaches 2024 highs
Canola futures at the Intercontinental Exchange (ICE) rose to their highest levels of 2024 during the week ended May 22.
Manitoba seeding progress nears halfway mark
Spring seeding in Manitoba neared the halfway mark during the week ended May 21, with 47 per cent of intended acres in the ground, according to the latest provincial crop report. That compares with 30 per cent the previous week and the five-year average of 52 per cent done.
AAFC raises canola carryout projections, wheat to tighten
Canadian canola exports in both 2023/24 and the upcoming new crop year are unlikely to live up to earlier expectations, causing ending stocks of the oilseed to rise, according to updated supply/demand estimates from Agriculture and Agri-Food Canada (AAFC), released May 21.
Alberta Crop Report: Much-needed moisture replenishes province
The rains that fell onto south, central and northeastern Alberta during the week ended May 14 were a mixed blessing for growers according to the provincial government’s crop report released on May 17.
The ups and downs of canola futures markets
Changes in moisture fortunes shift markets
Canola futures hit their strongest levels of 2024 in early May before backing off those highs as losses in outside markets and improving Prairie moisture conditions slowed the upward momentum. July canola hit a session high of C$669.10 per tonne May 7, with the new-crop November contract hitting its year-to-date peak at C$682.10 per tonne.