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ICE July 2023 canola with 20-day moving average and November 2023 canola (yellow line). (Barchart)
Crops, Markets

ICE weekly outlook: Unclear where canola wants to go

Soy complex's trend much more apparent

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MarketsFarm — While the ICE Futures canola market declined during the week ended Wednesday, the oilseed has been affected by a mixture of supports and pressures, according to commodities futures advisor David Derwin of PI Financial in Winnipeg. The July canola contract dropped $20.60 per tonne during the week to close at $714.10 on Wednesday,
Figure 1: Seeding progression in 2023 compared to previous years.
Crop Report, Crops, Weather

Seeding progress behind five-year average, soybean, canola seen lagging

Manitoba Crop Report: Issue 1 (week 20)

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Weekly Provincial Summary  Precipitation was variable across agro–Manitoba from May 8 to 14 with values ranging from 0 to 48.9 mm. Mid-week rains brought the highest observed precipitation to the Northwest and Southwest regions. Climate normals for total accumulated precipitation from May 1 to May 14 range from 13.1 to 29.2 mm and are based
Ceres Solutions agronomist Betsy Bower shows a soybean seedling dug up in a recently planted field at Terre Haute in western Indiana on April 19.
Grain Markets, Markets

Canola on the verge of a good spring

The resistance level is now believed to be around $750

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As canola pulled away from its support level of $680 per tonne early in the week of May 1, the oilseed trade was muddled. Signs of that cropped up in the May 3 morning trading session, when it bounced on either side of steady. That again occurred May 4 and lasted most of the day.
ICE July 2023 canola with 20- and 50-day moving averages. (Barchart)
Crops, Markets

ICE weekly outlook: Canola showing independent strength

Prairie weather uncertainty supportive

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MarketsFarm — ICE Futures’ canola market saw some independent strength relative to other oilseeds during the week ended Wednesday, as speculative positioning and the need to ration tight old-crop supplies provided support. Canadian canola stocks as of March 31 were pegged at 5.95 million tonnes by Statistics Canada in a report released Tuesday. That was
(Dave Bedard photo)
Crops, Markets

Latest StatCan stocks report ‘least important of them all’

Wheat, canola numbers not expected to have significant impact on markets

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MarketsFarm — For MarketsFarm Pro analyst Mike Jubinville, there was little in the latest Statistics Canada (StatCan) grain stocks report that would budge the markets. “When I look at the run of StatCan reports that we get through the year, whether they’re acreage, production or ending stocks, this report in May is the least important
(Gassen/iStock/Getty Images)
Crops, Markets

Canada will not be intimidated by China retaliation, Trudeau says

China seen as 'more sensitive about food security' now, CAPI says

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Ottawa | Reuters — Prime Minister Justin Trudeau on Tuesday said Canada will not be intimidated by China following tit-for-tat diplomatic expulsions by Ottawa and Beijing. Ottawa expelled Chinese diplomat Zhao Wei on Monday over allegations related to foreign interference, and hours later, China asked a Canadian diplomat in Shanghai to leave by Saturday in
(File photo by Dave Bedard)
Crops, Markets

Canola fund short position grows

Funds also net short in U.S. wheats

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MarketsFarm — The managed money net short position in canola grew in early May as fund traders were busy liquidating long positions and moving more money to the short side of the market, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC). As of May 2, the net
Canola sees short-term gain, long-term pain
Grain Markets, Markets

Canola sees short-term gain, long-term pain

The latest StatCan survey piled on other bearish factors

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If Statistics Canada estimates are correct, this year’s domestic canola crop will continue the oilseed’s ongoing acreage recovery since Western Canada’s historic 2021 drought. Last week StatCan released its first survey-based seeding intentions report for 2023-24, projecting canola area to increase by 0.9 per cent from 2022-23, to 21.597 million acres. This might be an
ICE July 2023 canola with 20-day moving average and November 2023 canola (yellow open/high/low/close). (Barchart)
Crops, Markets

ICE weekly outlook: Expect canola to climb higher

Seeding reported underway in southern Alberta

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MarketsFarm — As better-than-expected weather across the Canadian Prairies is very likely to spur on farmers to begin their spring seeding, the market is poised to push higher over the next couple of months, according to an analyst. “We have come down to the low end of the range,” said David Derwin, commodity futures advisor

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