Weather concerns provided the catalyst for strength in all of the major grains and oilseeds during the week ended July 9, with canola hitting its best levels in four months. However, shifting weather outlooks will keep the futures on edge over the next few weeks, as traders reacting to the day-to-day forecasts may create some volatility over the summer.
Weather worries supportive for canola and wheat values
Wheat output in the Black Sea region is seen declining
Slaughter pace improved, cattle backlog remains
Manitoba’s livestock markets take the week off for Canada Day
Cattle auctions in Manitoba were quiet during the week ended July 3, with any yard not already closed for the summer taking the week off for Canada Day. Cattle futures in the United States moved higher during the week amid signs of a global economic recovery. The cattle industry is showing some signs of stabilizing after the COVID-19 pandemic forced slaughterhouse
Canada acreage estimates stand pat, U.S. surprise spurs bulls
Attention shifts to yield potential after StatsCan acreage report, U.S. numbers blindside grain trade
Recently updated acreage estimates from Statistics Canada came largely within market expectations, with the focus now shifting to growing conditions and the yield potential. The survey was completed in early June “and may not have captured all of the seeding delays and potential shifts that may have happened in central/northern Alberta and northwestern Saskatchewan because
Culls dominate Manitoba cattle markets
Most facilities are already on summer schedule
Cull cows accounted for most of the cattle moving through the Manitoba cattle auction yards in mid-June, with facilities already closed for the summer or operating at a reduced schedule. “We’re seeing large volumes of cows come into the market in Manitoba,” said Rick Wright of Heartland Order Buying, adding that prices were relatively steady
ICE canola can’t hang on to its recent gains
Canola traders will now turn their attention to the skies
ICE Futures canola contracts ran into resistance during the week ended June 11, repeatedly trying and failing to continue the short-covering rally that had boosted prices off of nearby lows to start the month. Intermonth spreading was a feature, accounting for heavy volumes on occasion, as traders rolled out of the nearby July contract into
Increased slaughter activity revives optimism at auctions
Chicago live cattle last week climbed to their best levels since early March
Cattle prices at Manitoba auction yards have shown some considerable improvement over the past month, as activity starts to slow down ahead of the summer and earlier disruptions due to the COVID-19 pandemic have largely sorted themselves out for the time being. “It certainly has perked up,” Allan Munroe of Killarney Auction Mart said of
Canola futures run up into resistance
Canola’s downturn likely followed declines in CBOT soybeans and soyoil
After grinding higher for most of the past month, the ICE Futures canola market ran into resistance and took back a large portion of those gains during the week ended May 22. The July contract traded just below resistance around the 100-day moving average, near $475 per tonne, for a number of days before finally
Canola trends higher against pandemic tides
Markets are keeping an eye on the state of last fall’s snowed-under crops
The ICE Futures canola market was relatively strong during the last week of April, despite the global pandemic that continued to roil most outside markets. The July canola contract trended higher all week, moving off of major lows in the process. From a chart standpoint, July canola sees support around $450 per tonne, with the
Beef-processing curbs drag on butcher cattle values
Buyers are reluctant to pick up cattle as packers slow their pace
Slaughterhouse shutdowns roiled North American cattle markets during the week ended April 24, with the bottleneck in the system likely to be felt at Manitoba auctions in weeks to come. “We got lucky this week,” said Allan Munroe of Killarney Auction Mart, which held its sale on Monday, April 20 — right before Cargill announced it
Locust swarms raise food security concerns
Widespread crop damage could put 25 million in famine situation
MarketsFarm – Locust swarms reaching levels not seen in decades are raising concerns over food security from Africa to as far east as India, according to reports from the Food and Agriculture Organization (FAO) of the United Nations. The locust crisis has intensified since the beginning of 2020, but got its start in 2018 when
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