The ICE Futures canola market remained under pressure heading into the New Year, lacking any significant supportive news of its own that could spark a move higher.
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ICE weekly outlook: Drifting market in need of outside support
South America growing conditions likely price driver in soy markets for next months
Funds back adding to shorts in canola after month of covering
Corn traders were on the other side of the market
After a month of covering short positions, fund traders were back adding to their bearish bets to start December, with the net short position in the oilseed growing by roughly 13,000 contracts, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
China accounting for bulk of Canadian canola exports so far
Chinese wheat imports roughly half of last years' at same time
China has done most of the heavy lifting when it comes to Canadian canola exports through the first three months of the 2023/24 marketing year (Aug/Jul), according to the latest international trade data released Dec. 6.
Statistics Canada reported canola exports through October at 1.566 million tonnes, with China accounting for 64 per cent of the total (1.006 million tonnes). Japan and Mexico followed at 273,300 tonnes and 196,900 tonnes respectively.
Brazilian numbers could outweigh StatCan projections
At press time the trade was parsing the Latin American numbers and anticipating Canadian ones
Everyone who has celebrated Christmas has at least once received a gift where their first thought after unwrapping it was, “it’s not quite what I expected, but it’s the thought that counts, I guess.” Three weeks before the big day, growers, traders and analysts may have received one of those gifts from Statistics Canada. The
ICE weekly outlook: Canola likely to keep sliding back
With larger crop, trade likely to be overwhelmed by deliveries, analyst says
There is a rather significant bearish outlook for canola for the rest of December, according to Jerry Klassen of Resilient Commodity Analysis. He said a large part of this was generated by the Statistics Canada production report released on Dec. 4.
Genome selection helps find next superstars
Sequencing the canola genome in 2014 paved the way for researchers to be more precise when developing new varieties
Glacier FarmMedia – In the 2020 Western Hockey League bantam draft, the Regina Pats had the first overall pick. They selected Connor Bedard. It was an easy pick and a good one. Bedard recorded 100 points in the 2021-22 WHL season and 143 points last year. In June, the Chicago Blackhawks selected Bedard with the
Going soft on ICE
Expert's Radar: The canola exchange also hosts more exotic commodities
The ICE Futures U.S. exchange, home to Canadian canola contracts, is also the primary price discovery platform for the so-called “soft” commodities, including coffee, cocoa, sugar and frozen concentrated orange juice. While Canada does export some sugar, the country is largely a price-taker for all those commodities and holiday bakers may feel an extra pinch
Australian crops improve, but well off recent records
Winter crop harvest reportedly progressing quicker, earlier than recent years
Australia’s winter crop production likely beat earlier expectations but will still be down considerably compared to the record-large production in recent years, according to the latest crop report from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).
Merit Foods pays off operating lender, no deal yet for plant
Plant-based protein processor in receivership since March
A Winnipeg pea and canola protein processor in receivership since this spring remains mothballed for now with no firm buyer — but has paid off one of its three secured creditors. Merit Functional Foods, which entered receivership March 1 after just two years’ operation, has sold all its remaining finished and raw inventory and directed
Higher canola, wheat production expected in StatCan report
Traders raise concerns about report accuracy
MarketsFarm — There was a consensus among several traders and analysts that Statistics Canada will very likely raise its estimates on canola and wheat production for 2023-24. Yields on the Prairies were better than expected following a difficult first half of the growing period, as the weather improved during the second half. StatCan is set