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The council’s expected wheat carry-over for 2020-21 slipped 400,000 tonnes to 289.9 million, but that’s about 6.0 per cent higher than in 2019-20.
Grain Markets, News

International Grains Council raises several key projections

Total global carry-over for 2020-21 is now seen at 635 million tonnes

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In the latest monthly report from the International Grains Council (IGC) there were several increases in production and carry-over projections. The council released its report on June 25, predicting a 2.85 per cent increase in total global grain production from 2019-20 to 2.237 billion tonnes in 2020-21. Compared to the council’s May report, that’s a
Wheat is harvested outside the settlement of Terskiy in Russia’s Stavropol region on July 7.
Grain Markets, Markets

Weather worries supportive for canola and wheat values

Wheat output in the Black Sea region is seen declining

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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.
New Canadian and U.S. estimates of canola and soybean acres were generally supportive for canola futures.
Grain Markets, Markets

With seeding intentions clear, traders now watching the skies

Strength in the Chicago soy complex also helped lift canola values

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Acreage data from government agencies supported canola values during the week ended July 2. On June 29, Statistics Canada estimated canola acreage across the country at 20.778 million acres, which was at the higher end of trade estimates, though slightly lower than the 20.956 million acres seeded the previous year. Canola prices were supported by
Canola market likely to move lower
Grain Markets, Markets

Canola market likely to move lower

The market is awaiting a June 29 report that could reveal a significant drop

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Three factors will determine which way canola will move in the coming weeks – the Canadian dollar, the Prairie weather, and the Chicago Board of Trade, according to Errol Anderson of ProMarket Communications in Calgary, Alta. “I’m expecting the Canadian dollar to move up a bit, just because of United States dollar pressure. That could
ICE canola can’t hang on to its recent gains
Grain Markets, Markets

ICE canola can’t hang on to its recent gains

Canola traders will now turn their attention to the skies

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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
Grain Markets, Markets

Canola gains on veg oils’ strength

Pressure comes from the loonie’s recent improvement against the U.S. dollar

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Canola prices climbed higher during the week ended June 5, despite strength in the Canadian dollar that would typically have a bearish effect on prices. Nearby canola contracts started the week at $457.10 per tonne and posted losses on Monday before rallying on Tuesday. By June 4, nearby contracts closed at $463.60 per tonne. The Canadian dollar was over 74
Traders’ optimism for canola is short lived
Grain Markets, Markets

Traders’ optimism for canola is short lived

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

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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.
Grain Markets, Markets

Canola futures run up into resistance

Canola’s downturn likely followed declines in CBOT soybeans and soyoil

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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
Grain Markets, Markets

Canola holds steady as seeding gets underway

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

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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.
Grain Markets, Markets

Be wary of grain and oilseed stock numbers

A clearer picture will emerge after spring harvest numbers are in

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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

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