MarketsFarm — Downward revisions to soybean numbers stand out the most in February’s grain market report from the International Grains Council (IGC). Otherwise, the monthly estimates have minor alterations. The IGC cut its forecast on 2021-22 global soybean production by four per cent from its January report, bringing its projection to 353.1 million tonnes. The
World soybean output, stocks estimates chopped
Canola market dependent on other edible oils
Traders now wait to see how much soy Brazil can still produce
There isn’t much to prop up canola values — at least if it were to show some independent strength. Traders and analysts have pointed out that old-crop canola has pretty much run its course. As we plow through winter with eyes turning to spring, attention is beginning to shift away from the old-crop months to
Gasoline, diesel prices set to continue rising
MarketsFarm — The steady rise in crude oil prices is based on three factors, according to Tom Kloza, global head of energy analysis for Oil Price Information Service at Lakewood, N.J. One of those factors is the amount of crude oil produced by members of the Organization of Petroleum Exporting Countries (OPEC), along with some
Expect Prairie temperatures below normal until month’s end
MarketsFarm — The Prairie weather outlook for the rest of February is likely to remain below normal, according to Scott Kehler, chief scientist for Weatherlogics in Winnipeg. “[But] not as cold as it has been for most of the winter,” he added. Much of January and February have been highlighted by temperatures well below normal.
Pulse weekly outlook: Chickpea prices lower but still very good
MarketsFarm — Although prices for chickpeas have pulled back somewhat over the last month, Colin Young of Midwest Grain at Moose Jaw, Sask. emphasized the market has not turned bad in any manner. “It’s just the level of expectation we had, given the rise in prices of other commodities. Given that we were out there
South American soy, corn crops face major disaster
MarketsFarm — With intense heat and very little rain, soybean and corn crops have been having a very tough time in South America, according Dr. Michael Cordonnier of Soybean and Corn Advisor at Hinsdale, Ill. Be they from private consultancies or government bodies such as the U.S. Department of Agriculture or its Brazilian equivalent CONAB,
Storm conditions weigh on scheduled cattle auctions
There are still cattle out there to come to market
Although most of Manitoba’s cattle auctions had their weekly sales, blizzard conditions on Feb. 1 led to two auctions changing their plans, Tyler Slawinski of Gladstone Auction Mart said. Ashern Auction Mart cancelled its Feb. 1 sale, he said, and Gladstone was postponed to Feb. 2. “It’s the first time in all of my history
ICE weekly outlook: No independent strength left in canola
MarketsFarm — At a little more than halfway through the 2021-22 marketing year for canola, a trader asserted the Canadian oilseed now lacks the ability to move independently. Rather, it will follow the ups and downs in oil and meal markets. “[Canola] did its thing months ago,” trader Ken Ball of PI Financial in Winnipeg
Russia-Ukraine tensions influence wheat prices
North America’s weather also remains a factor
Sabre-rattling over a possible invasion of Ukraine by Russia has bolstered wheat prices, but when the threat of war eased, wheat followed suit — at least for now. It’s abundantly clear Russian President Vladimir Putin has been seeking to expand his country’s influence in an attempt to increase Russia’s status as global superpower. Countries such
CBOT weekly outlook: Soybeans at US$16 possible, trader says
MarketsFarm — Prices for soybeans and corn at the Chicago Board of Trade (CBOT) could push higher in the coming weeks, should South America remain dry, according to Bryan Strommen of Progressive Ag at Fargo, N.D. More and more estimates on soybean production in Brazil have been projecting a much smaller harvest than initially hoped
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