GFM Network News

Traders’ optimism for canola is short lived

Hopes of Chinese demand for U.S. soybeans have also faded as tensions mount

Things were looking rather good for canola during the first part of the week of May 25 — then prices dropped almost immediately on May 27 after a ruling was announced on the extradition of Meng Wanzhou. Canola, as it so often does, had been riding the coattails of soyoil on the Chicago Board of

Manitoba’s Agriculture Department reported seeding at about 42 per cent complete at the end of the second week of May, down from the three-year average of about 55 per cent.

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 holds steady as seeding gets underway

Crude oil pressures and potential for major soy exports weigh in on trading

Canola prices held steady during the week ended May 15, despite turbulence from outside markets. Nearby canola contracts started the week at $471.30 per tonne and traded on either side of unchanged for consecutive trading sessions during the week. On May 14, the July contract closed at $470.70 per tonne. July soyoil dropped by about

With unharvested canola in the field, the trade is eyeing StatsCan stocks figures warily.

Be wary of grain and oilseed stock numbers

A clearer picture will emerge after spring harvest numbers are in

After being delayed by the COVID-19 pandemic, on May 7 Statistics Canada released its report on stocks of grain and oilseeds as of March 31. However, there was a good amount of doubt in the agency’s data. The report said total Canadian canola stocks amounted to 8.925 million tonnes, which were down 12.3 per cent

Influx from spring harvest coming to feed market

Some wheat is said to still be making the grade, leaving numbers uncertain

As the spring harvest ramps up, more and more grain will be making its way to the feed market, according to Glen Loynes of JGL Commodities in Moose Jaw, Sask. “We’re going to see a lot of it in the next week or so,” Loynes said, noting it’s too early to be certain about the

Opinions are divided on how much canola Canada’s farmers will put in the ground this spring, ahead of Statistics Canada’s acreage survey due out May 7.

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

Soybeans are harvested on a farm on the outskirts of San Jose, in southern Uruguay in this file photo. The latest market intelligence says that country will produce fewer soybeans this season.

More soybean production for Paraguay, less for Uruguay

It’s a tale of two countries in these Latin American nations

Soybean production in Paraguay and Uruguay are headed in opposite directions, as reported by the United States Department of Agriculture (USDA) attaché in Argentina. Production in Paraguay is on the upswing, while it’s declining in Uruguay, but each country is faced with particular problems. For the 2019-20 marketing year, it’s expected Paraguay will produce approximately

A bag of beans sits atop bulk soybeans at a Walmart in Beijing on Sept. 23, 2019.

Oilseeds draw strength from China’s recent market action

Oil’s fading fortunes put pressure on canola, not to mention other crops

Canola prices showed impressive resilience during the week ended April 24 after being battered by outside markets earlier in the week. On April 20, West Texas Intermediate (WTI) crude oil futures dropped into negative territory to close at minus US$37.63, as traders bailed out of the May contract before its expiry date. The June contract

Traders and farmers alike will eventually need some sort of guidance as to what’s being planted in 2020.

Farmers, traders will have to make do without crop area report

StatsCan isn’t sure it has enough information for a credible report

Statistics Canada will not issue its crop area report on April 24 as originally scheduled. The COVID-19 pandemic has forced the federal agency to rethink its tasks, and one major change was to postpone a number of upcoming agricultural reports. Ken Ball, a trader for PI Financial in Winnipeg, suggests the markets can do just

Coronavirus leaves grain markets uncertain

A lot remains to be worked out as spring marches ever nearer

COVID-19 remained the overarching feature of just about everything in early April — the grain and oilseed markets included. The virus has touched all aspects of society and the ongoing uncertainty of what it means for trade led to choppy activity in the agricultural commodities. Canola futures bounced around during the week ended April 9,