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An Australian canola crop near Smeaton, about 100 km northwest of Melbourne. Officials predict Australia’s canola harvest will hit 8.6 million tonnes, which could cut into Canada’s export prospects.
Grain Markets, Markets

Canola falls below $800 support level

A decline in Chicago soyoil values has kicked out a support pillar

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It finally happened: canola broke below its support level of $800 per tonne. For quite some time, the Canadian oilseed has been rangebound at $800-$900 per tonne. As with a stuck vehicle, that rocking back and forth gave way to old- and new-crop prices being pulled out of that rut. One element that provided the
ICE May 2023 canola with 20-, 50- and 100-day moving averages. (Barchart)
Crops, Markets

ICE weekly outlook: No floor in sight for overdone canola

'A lot of money playing around in canola right now'

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MarketsFarm — The ICE Futures canola market was in freefall mode through the first half of March, hitting its weakest levels in over a year. While the losses may be looking overdone, the bottom remains to be seen. “This has been a brutal drop in canola,” said Bruce Burnett, director of markets and weather with
(Richardson International video screengrab via YouTube)
Crops, Markets

Canola crush of 2022 smallest in five years

Meanwhile, soybean crush rose on the year

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MarketsFarm — Statistics Canada (StatCan) reported that 2022 had the smallest domestic canola crush for a calendar year since 2017. As well, 2022 marked the smallest canola oil production in five years and the least amount of canola meal produced in four years. The sharp reduction of canola being crushed was due to the 2021
(File photo by Dave Bedard)
Crops, Markets

Confirmation of large canola short position slowly appears

CFTC data flow slowly resuming

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MarketsFarm — The size of the fund short position in canola rose in February and likely grew even larger in March, as weekly Commitments of Traders data slowly trickles out from the U.S. Commodity Futures Trading Commission (CFTC). CFTC data has stalled since a ‘cyber-related incident’ delayed the release of the data for weeks. As
ICE May 2023 canola with 20-day moving average, RSI and CFTC Commitments of Traders data. (Barchart)
Crops, Markets

Reading between the lines: Oversold canola due for correction

Technical signs point to possible recovery

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MarketsFarm — Canola futures posted sharp losses over the past week, with the May contract touching its weakest level in six months. While damage was done from a chart standpoint, there are technical signs that a recovery is possible. RSI The relative strength index (RSI) is a technical indicator that provides insight into whether a
Canola industry ready to move forward

Canola industry ready to move forward

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The Canola Council of Canada celebrated a return to normalcy at its annual meeting at the Canadian Crops Convention in Ottawa. “Our theme this year is ‘from adversity to opportunity’ and I think that’s very fitting,” said Jim Everson, the group’s president. Production has rebounded following the drought of 2021, meaning there’s opportunity to develop
A corn crop in the RM of St. Andrews on July 5, 2018. Current indicators suggest a rebound for corn futures off recent lows.
Grain Markets, Markets

Corn market cracks, but ready to pop

Current low prices may deter some U.S. farmers from planting corn

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Corn appeared to crack under pressure on the Chicago Board of Trade as February came to a close. Having traded between US$6.70-$6.90 per bushel for much of February, collapses in wheat and soy prices, lacklustre U.S. exports and the U.S. Department of Agriculture’s bearish new-crop projections last month placed the May corn contract at a
The USDA building in Washington, D.C. (Art Wager/iStock/Getty Images)
Crops, Markets

USDA sees increased EU canola imports, no extra from Canada

U.S. also projects higher Canadian ending stocks

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MarketsFarm — The European Union will likely import more canola (rapeseed) this year than earlier thought, but any increased movement should come from Australia or Ukraine rather than Canada, according to updated projections from the U.S. Department of Agriculture. USDA raised its forecast for European rapeseed imports during the 2022-23 marketing year by 550,000 tonnes,
Photo: File
Crops

Record winter crop production expected for Australia

Summer crop production seen down on year

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MarketsFarm — Australia will see its highest-ever winter crop production thanks to record wheat and canola harvests, according to the latest crop report from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) released Monday. Winter crop production in Australia is estimated at 67.6 million tonnes, up 8.4 per cent from ABARES’ crop

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