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Canola’s bad day at the markets
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Canola’s bad day at the markets

Veg oils drag canola below support levels

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Despite many signs indicating a rebound, canola prices instead took off in the other direction on Oct. 19. In a selloff that left many analysts checking their charts and scratching their heads, canola blew past support levels and had its largest one-day drop in just over a month. The November contract fell $19.50/tonne to end
ICE January 2024 canola with 20-, 50- and 100-day moving averages. (Barchart)
Crops, Markets

ICE weekly outlook: Canola pulling lower

Futures subject to 'financial gravity'

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MarketsFarm — Canola futures on the Intercontinental Exchange kicked off the week of Oct. 23-27 with sharp losses, as the most heavily traded January contract busted through its support level of $700 per tonne. Among the reasons for canola’s steep fall, as David Derwin pointed out, were the better than average yields from this year’s
(Photo: Dave Bedard/File)
Crops, Markets

Little change in AAFC’s October supply/demand outlook

Canola, wheat, pea carryout estimates unchanged

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MarketsFarm — Supply/demand estimates for Canadian grains and oilseeds saw little change in the latest outlook for principal field crops from Agriculture and Agri-Food Canada (AAFC) released Monday. Canola ending stocks for 2023-24 were left unchanged at one million tonnes, which compares with the 2022-23 level of 1.506 million tonnes. Canadian canola exports in 2023-24
(Dave Bedard photo)
Crops, Markets

Managed money adding to net short positions in canola

Canola at biggest net short position in months

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MarketsFarm — Managed money fund traders remain bearish canola, growing the net short position in the ICE Futures market to the second largest level of the past year, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC). As of Oct. 17, the net managed money short position in
A symptomatic canola plant displays the telltale root galls of clubroot.
Crops, Oilseeds

Resistance not full answer to clubroot

Fall is the time to think ahead on clubroot management

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Glacier FarmMedia – Resistant canola varieties have played a major role in the war on clubroot, but they are not enough on their own, say agronomists. “Because clubroot is such a complex disease, it’s really important that we acknowledge that it will need a complex solution to manage it,” said Marissa Robitaille Balog, an agronomist
U.S. estimates bullish in corn, oilseeds
Grain Markets, Markets

U.S. estimates bullish in corn, oilseeds

A rally in Chicago soy helped canola correct higher

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The ICE Futures canola market tested major support levels in early October, nearing the psychological $700 per tonne level in the nearby November contract on several occasions but never dipping below that point. An eventual rally in the Chicago soy complex provided the catalyst for a more definitive correction off that low. The U.S. Department
ICE November 2023 canola with 20- and 50-day moving averages and January 2024 canola (black line). (Barchart)
Crops, Markets

ICE weekly outlook: Upside seen for canola prices

'Aggressive manipulation' seen as a factor

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MarketsFarm — Early gains were followed by late losses on ICE Futures’ canola market during the week ended Wednesday. The November canola contract began the week at $704.60 per tonne before rising up to $725.80/tonne on Monday, then ending the week at $711.70. The January contract went in similar directions, starting at $710.10/tonne before moving
Canola futures sit on the couch
Grain Markets, Markets

Canola futures sit on the couch

Expert's Radar: Wheat responds to escalating hostilities

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My step-counting watch is very good at reminding me to get up and move if I haven’t taken at least 250 steps in the past hour. That subtle vibration is usually enough to get me out of my chair to stretch my legs, although I sometimes miss the reminder. Agricultural futures rarely have a problem
(File photo by Dave Bedard)
Crops, Markets

Fund short position grows in canola

Funds shift to net short in CBOT soybeans

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MarketsFarm — The managed money net short position in ICE canola futures continued to grow in early October as speculators liquidated long positions and put on new shorts, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC). As of Oct. 10, the net managed-money short position in canola
Ending stocks of Canadian canola for 2023-24 are expected to tighten to one million tonnes.
Grain Markets, Markets

Speculators bet against canola

Support is drawn from declines in farmer selling

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The ICE Futures canola market held within a narrow trading range during the first week of October, testing downside support on several occasions as seasonal harvest pressure wound down, but the market lacked any spark to move higher. November canola found major support around $710 per tonne. Any attempts to break lower quickly ran out

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