MarketsFarm – Shifting weather forecasts and trade talk rumours should keep the soybean and corn markets at the Chicago Board of Trade on edge over the next few weeks, as participants wait on updated acreage numbers from the United States Department of Agriculture. The USDA’s August 12 report will include results of an acreage resurvey
CBOT weekly outlook: Soybeans and corn watching weather, waiting on acreage numbers
ICE weekly outlook: Choppy canola trade likely
MarketsFarm — The ICE Futures canola market tested major chart support during the week ended Wednesday, but could be due for some choppy activity and eventual strength over the next few weeks, depending on what happens with the weather and in U.S. corn and soybean markets. The canola crop looks good across much of Alberta
Ocean freight index hits five-and-a-half year highs
MarketsFarm — The Baltic Dry Index (BDI) has steadily increased over the past few months, hitting its highest levels in five-and-a-half years. The BDI settled Tuesday at 2,011 points, the highest level for the ocean freight rate indicator since January 2014. The BDI has been on a steady uptrend since hitting a two-and-a-half year low
Funds remain short canola and soybeans
MarketsFarm — Fund traders continue to hold onto a large net short position in the canola market, according to the latest commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC). The net managed money short position came in Tuesday at 57,512,an increase of roughly 5,000 contracts from the previous week. Open
Weather supportive for canola crops, albeit not for prices
Uncertainty also continues over U.S. soybean acreage
ICE canola futures fell hard during the week ended July 5, hitting fresh contract lows in the process as improving North American weather conditions weighed on prices and bearish technical signals had speculators adding to their short positions. The canola market was closed Monday for Canada Day while the Chicago futures market was closed on
Churchill shipping resumes but grain still on back burner
MarketsFarm — The first cargo ship in two years left the northern Manitoba port of Churchill on Wednesday, moving supplies to communities in Nunavut. Rehabilitation efforts at North America’s only deep-water Arctic port are still underway, but there are expectations business through the facility will eventually include grain as well. OmniTrax, the previous owner of
Large Manitoba edible bean crop likely, weather willing
MarketsFarm — Manitoba could be looking at its largest edible bean crop in over a decade, as acres were up and early development generally looks good. Manitoba farmers seeded an estimated 163,700 acres of edible beans in 2019, according to Statistics Canada data. That would be up 20 per cent on the year and marks
Fund short position grows in canola
MarketsFarm — Speculators were actively adding to their short positions in the ICE Futures canola market during the holiday week ended July 2, according to Monday’s commitment of traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC). The net managed money short position came in July 2 at 65,022, an increase of nearly
ICE weekly outlook: All eyes on King Corn
MarketsFarm — ICE Futures canola contracts trended lower over the past two weeks and could have some more room to the downside before eventually returning higher with summer weather markets and expected strength in Chicago corn futures. The November canola contract settled at $450.40 per tonne on Wednesday. The contract could have another $5-$10 to
Cattle kept from markets as parched pastures catch break
Stronger U.S. corn prices put pressure on cattle futures
Rain showers across much of the province during the week ended June 21 helped take some of the edge off the cattle markets, as concerns over dry pastures dissipated slightly. With the rain in southern Manitoba, “our numbers were probably down by 30 to 40 per cent from the previous week,” said Robin Hill of
Cyber-Savvy Farmer
