Canola futures climbed higher during the last week of October, hitting contract highs in many months. The strength was largely thought to be tied to speculative money, with the market looking overpriced from a fundamental standpoint. The nearby November contract moved above $1,000 per tonne in its final week before becoming the delivery month, pulling the other
Canola futures continue to climb
When profit-taking correction comes it could be severe
High priced U.S. soybeans/corn due for correction
MarketsFarm – With United States soybean and corn harvests nearing completion, anecdotal reports point to better-than-expected yields for both crops that could weigh on futures prices at the Chicago Board of Trade. “It’s amazing that here in the U.S. we have a good corn and soybean crop, considering how dry we were,” said Scott Capinegro,
Baltic Dry Index drops to three-month lows
MarketsFarm – Ocean freight rates have dropped significantly over the past month, with declining demand out of China behind much of the weakness. The Baltic Dry Index (BDI), which is a major indicator of shipping rates, settled at 3,187 points on Nov. 2, marking its lowest level in three months and well off the 13-year
Normal fall run traffic seen despite early cattle sales
Feedlots Down East have dialed up demand compared to last year
The Thanksgiving long weekend did little to slow activity at Manitoba’s cattle auction yards, with larger volumes and relatively solid prices reported across the province as the cattle market works through the annual fall run. “It’s October, it’s fall run time, there’s no way we can take a week off,” said Allan Munroe of Killarney
Chicago soy drags, other vegoils support canola
Bearish data from USDA has knocked CBOT soybeans way down
ICE Futures canola contracts fell off of the top edge of their well-established trading range during the second week of October, but the losses were short lived with a number of underlying influences keeping the market well supported. Traders were busy during the week, rolling their positions out of the nearby November contract and into
Demand for canola seen retreating with supplies
Incoming U.S. soy crops will have a seasonal influence on oilseed values
ICE Futures canola contracts held rangebound during the week ended Sept. 24, with seasonal harvest pressure on the one hand, countered on the other by the fact that the crop coming off the fields is extremely small. The November contract has held in a sideways range between $850 and $920 since the middle of July.
Canola demand rationing already underway
ICE November canola has dipped to around the $850-per-tonne mark for now
ICE Futures canola contracts fell sharply lower during the week ended Sept. 10, hitting their weakest levels in a month as speculative profit-taking weighed on the market. From a chart standpoint, November canola fell below both its 20- and 50-day moving averages during the week, which was bearish from a technical standpoint. However, it found some support around
Expectations low for canola, wheat estimates
ICE canola awaits direction, while MGEX spring wheat has plateaued
This year’s drought seriously cut into Canadian crop production, although the full extent of the damage remains unknown as harvest operations continue across the Prairies. That production uncertainty has been a supportive feature in the canola market for some time and should continue to be. That said, the upside may be limited, as demand is
Poor yield expectations starting to hit canola market
While estimates still vary, canola yields are expected to fall short of initial estimates
The ICE Futures canola market moved steadily higher during the first week of the new 2021-22 crop year, recovering from one-month lows as the disappointing state of this year’s crop became clearer. Opinions on just how small canola production will be this year are still wide ranging, but the 19.9-million-tonne preliminary estimate from Agriculture and
How low will canola yield go?
Canola has certainly suffered under drought. How much is yet to be seen
Hot and dry weather across most of the major North American growing regions remained the major topic of discussion in the grain and oilseed futures markets during the last week of July. The drought will certainly cut into the size of this year’s canola crop, but by how much? The 19.9-million-tonne forecast by Agriculture and
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