Winnipeg (CNS Canada) – ICE Futures Canada canola contracts moved lower during the week ended July 26, as improving weather conditions in parts of Western Canada and the US Midwest saw speculators liquidating some of their long positions. While the nearby charts turned bearish, canola rebounded off of its lows on Wednesday taking some direction
ICE Canada Weekly Outlook: Canola off highs, but watching weather
Aerial crop sprayers grounded in Western Canada
CNS Canada — Aerial crop sprayers are spending more time on the ground than in the air in Western Canada this season, with hot and dry weather limiting disease pressures and changing the economic threshold for insect applications. “The crops came out of the ground very aggressively and good, but there was a prolonged hot
U.S. drought keeps Prairie wheat bids climbing
Wheat futures rallied on conditions in Montana and North Dakota
Hard red spring wheat bids in Western Canada continued to rise with the rallying U.S. futures during the week ended June 30, as drought conditions in North Dakota and Montana worsened. Depending on the location, average Canada Western Red Spring (CWRS) wheat prices were up $33 to $37 per tonne across the Prairie provinces, according
Oilseeds see sharp gains despite bearish reports
Traders are already second-guessing StatsCan on acres
ICE Futures Canada canola contracts climbed higher over the course of the week ended June 30, hitting their best levels in months, despite large North American oilseed acres confirmed by Statistics Canada and the U.S. Department of Agriculture. Record Canadian canola seedings and a six-million-acre increase in U.S. soybean area would typically be bearish for
Oats buyers filled for now, watching weather
CNS Canada — The hot, dry weather concerns supporting spring wheat prices across North America are also lending some strength to oats, but large old-crop supplies and a lack of significant end-user demand is limiting price movement for now. “We’ve been bought up for old crop for months,” said Scott Shiels of Grain Millers Inc.
CBOT weekly outlook: Soy, corn enter summer weather market
CNS Canada — Soybean and corn futures posted solid gains over the past week, and may have more room to the upside as the U.S. Midwest enters the heat of summer. “It’s still early July, and we have the bulk of the important growing weather ahead of us,” said Rich Feltes, of RJ O’Brien in
Canola climbs from bottom to top of chart in week
CNS Canada –– The ICE Futures Canada November canola contract has rallied by more than $30 in a matter of days, jumping past a number of key chart points in the process. The futures are nearing major resistance from a technical standpoint. The November contract, which has held in a $40 range from $472 to
Canola futures plummet ahead of StatsCan report
Traders’ acreage estimates lean toward bearish levels
ICE Futures Canada canola contracts dropped hard during the week ended June 23, hitting some of their lowest levels in months. The biggest losses were in the new-crop months, with improving crop weather and declines in the U.S. soy complex behind some of the selling pressure. The nearby July contract lagged to the downside, as
ICE weekly outlook: New-crop uncertainty supports canola
CNS Canada — ICE Futures Canada canola contracts moved higher during the week ended Wednesday, despite a softer tone in the Chicago soy market, as tight old-crop supplies and chart-based buying supported the Canadian oilseed. Statistics Canada releases its updated acreage estimates on Thursday, and any surprises in the data could provide some nearby direction
StatsCan wheat acres watched closely
CNS Canada — Persistent concerns over the state of the U.S. spring wheat crop should place more attention than normal on Canada’s wheat area when Statistics Canada releases updated acreage estimates on Thursday. Ahead of the report, trade estimates for all-wheat area range from 21.5 million to 23.2 million acres, which would compare with the
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