GFM Network News

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,

Snowbound farmers’ reduced sales drag on canola values

Unfounded intel suggesting a breakthrough on the canola ban was briefly supportive

Cold spring temperatures and a late snowstorm depressed canola markets during the week ended April 3. While nearby contract prices started the week with relative strength, that petered out by midweek when an impressive amount of snow fell in eastern Saskatchewan and western Manitoba. That, combined with cold temperatures, discouraged some farmer selling and sidelined some trading activity. Earlier in the week,

Crude oil tanks at Kinder Morgan’s Sherwood Park, Alta. terminal on Nov. 14, 2016. Soyoil, a bellwether for canola, is closely connected to world crude oil prices.

Canola futures remain steady amid pandemic

Their alignment with soyoil ties canola values to crude oil’s fortunes

Despite turmoil around the world due to the COVID-19 pandemic, canola prices didn’t change much from week to week. ICE Futures’ May canola contract closed March 20 at $461.70 per tonne; by March 26, May canola was at $462.80 per tonne. Fuelling that steadiness has been soyoil on the Chicago Board of Trade (CBOT). Closely

Grain growers are up against an added layer of uncertainty as they get ready for spring seeding and, in some cases, to complete last fall’s harvest.

Currency weakness supportive for Canadian-grown commodities

Wheat futures drew some strength from demand for shelf-stable goods

It’s a fluid situation’ was the phrase of the week as the COVID-19 coronavirus pandemic infected everything it touched. The grains and oilseeds were not immune to the large swings seen in the global financial markets, but did manage to hold up reasonably well, all things considered. Social isolation, quarantines, travel restrictions and general worldwide

A trader works on the floor of the New York Stock Exchange (NYSE) shortly after the opening of trading in New York on March 13.

Crude oil war, COVID-19 fears drag commodity markets lower

Uncertainty has sidelined many participants in the canola market

Canada’s grain markets haven’t been immune to the growing panic surrounding the COVID-19 coronavirus and its impact on global economies. At the start of Monday’s trade, crude oil futures plummeted by over 30 per cent following a dissolved agreement between Russia and Saudi Arabia, the de facto leader of the Organization of Petroleum Exporting Countries

A delivery worker checks his mobile phone on an electric bike filled with vegetables on a street in Wuhan in China’s Hubei province on Feb. 28.

Commodities not immune to risk-off mentality

Coronavirus fears drag grains, oilseeds, equities and energy markets lower

A sharp drop in global equity and energy markets during the last week of February did not spare agricultural commodities, with ICE Futures canola falling to fresh contract lows and Chicago grains and oilseeds also under pressure. Fears over the COVID-19 coronavirus were heightened during the week, as more cases were confirmed outside of China

A Metro Vancouver Transit officer watches as a train passes on a westbound track while protesters block eastbound tracks on a CP rail bridge at Port Coquitlam, B.C. on Feb. 13.

Jury still out on blockades’ impacts on grain traffic

Reduced farmer selling has somewhat insulated prices so far

Canadian news headlines have been dominated in recent weeks by reports of ongoing rail blockades and demonstrations in solidarity with the Wet’suwet’en nation — but the jury is out as to how the protests will impact Canada’s grain markets. A daily report from Canada’s Ag Transport Coalition detailed the impact that blockades are having on