MarketsFarm — The European Union will likely import more canola (rapeseed) this year than earlier thought, but any increased movement should come from Australia or Ukraine rather than Canada, according to updated projections from the U.S. Department of Agriculture. USDA raised its forecast for European rapeseed imports during the 2022-23 marketing year by 550,000 tonnes,
USDA sees increased EU canola imports, no extra from Canada
U.S. also projects higher Canadian ending stocks
CBOT weekly outlook: Argentina estimates lowered, but attention soon shifting north
U.S. corn, soyoil export outlooks 'a little concerning'
MarketsFarm — Sizeable reductions to Argentina’s soybean and corn crops were confirmed in the latest supply/demand estimates (WASDE) from the U.S. Department of Agriculture, with more reductions likely in future reports. However, attention in the markets is starting to shift to North American weather, with spring seeding just around the corner. “The USDA was a
Prairie cash wheat: Bids dip with U.S. futures
Canadian dollar also down on week
MarketsFarm — Spring wheat bids in Western Canada posted losses during the week ended Thursday, underpinned as losses in U.S. futures weighed on values. Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were down by $3.50-$8.10 per tonne across the Prairies, according to price quotes from a cross-section of delivery points
Feed weekly outlook: Barley exports slowing down, local prices steady
Feedlots relatively well covered
MarketsFarm — Canadian barley exports slowed down in January, but out-of-country movement is still running ahead of the year-ago pace, according to updated export data from the Canadian Grain Commission. Canada exported 131,100 tonnes of barley from licensed facilities in January, with China the top customer taking 100,500 tonnes. Total barley exports were well off
Pulse weekly outlook: Peas seeing good Prairie movement
MarketsFarm — Peas are seeing good movement in Western Canada ahead of spring, although prices have held steady over the past month. “The yellow pea market has some life again,” said Allan Johnston of Johnston’s Grain at Wellwyn, Sask. He added there were also a few companies chasing after some coverage for green peas with
Bulk ocean freight rates recover off lows
Container rates remain in downtrend
MarketsFarm — Ocean freight rates have shown some strength in late February, with the Baltic Dry Index (BDI) recovering off two-and-a-half-year lows hit earlier in the month. The BDI, a major indicator of bulk shipping rates, has risen for seven straight sessions to settle Monday at 935 points, up from the low of 530 points
ICE weekly outlook: Rising canola market runs into resistance
Resistance seen around $835, support around $820
MarketsFarm — ICE Futures canola contracts moved higher during the week ended Wednesday, but ran into some resistance to the upside as values held rangebound overall. “Technicals, short-covering, fund buying and a lack of selling,” were all providing support during the week along with spillover from advances in Chicago soyoil, according to Jamie Wilton of
ICE weekly outlook: Canola drifting lower
Near-record soy still expected from South America
MarketsFarm — ICE Futures canola contracts drifted lower during the week ended Wednesday, although values remained rangebound overall. “The market is maybe coming to the realization that we still have near-record South American (soybean) supplies on hand,” Ken Ball of PI Financial in Winnipeg said of the downtrend. While Argentina has suffered crop losses from
CBOT weekly outlook: Latest USDA adjustments do little to move market
Selling pressure short-lived after report
MarketsFarm — Updated supply/demand estimates (WASDE) from the U.S. Department of Agriculture were neutral to slightly bearish for soybeans, corn and wheat, with latest numbers largely coming in line with expectations. The February report is traditionally not a major market mover, with the Chicago futures markets waiting for confirmation on South American crops and for
Prairie cash wheat: Spring wheat bids edge higher
U.S. wheat futures supportive; durum bids down
MarketsFarm — Spring wheat bids in Western Canada were mostly higher during the week ended Thursday, underpinned by gains in U.S. wheat futures. However, durum bids lost some ground. Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were up by between 10 cents and $5.80 per tonne across the Prairies, according
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