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NYMEX March 2023 West Texas Intermediate crude oil (candlesticks) with 100-day moving average (black line) and ICE March 2023 Brent crude oil (blue open/high/low/close). (Barchart)
Markets

China driving crude oil price increases

Bulls on crude oil expect a 'very shallow' recession

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MarketsFarm — China has largely been behind the current upticks in global crude oil prices, according to Tom Kloza, global head of energy analysis for Oil Price Information Services in Lakewood, NJ. He suggested that China’s economy will begin to pick up steam in 2023 after the government loosened its super-tight COVID-19 restrictions. “You can
ICE March 2023 canola with 20-, 50- and 100-day moving averages. (Barchart)
Crops, Markets

ICE weekly outlook: Canola’s steady week takes late turn

Outlook 'neutral to bearish'

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MarketsFarm — While canola prices turned lower Wednesday, the week ending that day was full of rangebound trade activity with little movement. The March canola contract traded within a range of $832-$846.70 per tonne during the week, settling at the low end of the range after falling $5.20 on Wednesday to close at $832.70/tonne. Winnipeg-based
Farmer Ignacio Bastanchuri stands in a wheat field at Navarro in Argentina’s Buenos Aires province on Dec. 5, 2022. (File photo: Reuters/Agustin Marcarian)
Crops, Markets

CBOT weekly outlook: Soy, corn markets’ eyes on South America

Wheat market remains sensitive to Ukraine news

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MarketsFarm — Soybean and corn futures at the Chicago Board of Trade were boosted by last Thursday’s bullish supply/demand estimates from the U.S. Department of Agriculture, but attention has since shifted back to South American growing conditions. “The primary thing right now is South American weather,” said market analyst Tom Lilja of Progressive Ag at
Piglets at a hog operation in China. (KuLouKu/iStock/Getty Images)
Hogs, Livestock

China’s 2022 pork output highest in eight years

Average hog weights remain relatively high

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Reuters — China’s pork output increased 4.6 per cent in 2022 from 2021 to reach its highest level since 2014, official data showed on Tuesday, confounding some expectations for a smaller rise. Pork output in the world’s top producer of the meat reached 55.41 million tonnes, the highest since 56.71 million tonnes recorded eight years
File photo of the facade of the U.S. Department of Agriculture building in Washington, D.C. (Camrocker/iStock/Getty Images)
Crops, Markets

CBOT weekly outlook: Bullish USDA report lifts grain markets

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MarketsFarm — The bulls were off and running Thursday after the U.S. Department of Agriculture (USDA) released its monthly supply/demand estimates, which showed underwhelming grain production and ending stock figures for the 2022-23 marketing year. U.S. corn production was estimated at 13.73 billion bushels, 192 million below the lower end of trade expectations despite a
The most recent U.S. national security strategy characterizes China as “the only competitor with both the intent to reshape the international order…”
Comment, Op/Ed, Other

Comment: Western leaders divided over relationship with China

The U.S. and EU are striking different paths when it comes to this world power

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European Council president Charles Michel headed to Beijing on Dec. 1, the latest in a procession of western leaders to seek an audience with Xi Jinping, in a year when the Chinese president has cemented his position as the country’s most powerful leader since Mao Zedong. Xi met more than 20 heads of government earlier
A farmer in China piles wheat. Photo: Reuters/File
Crops, Markets

China to launch grain reserves company in 2023

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Reuters — China’s state-owned grains trader COFCO said on Thursday a new joint venture it has set up with state stockpiler Sinograin to manage the country’s huge grain reserves will officially begin operations next month. The China Enterprise United Grain Reserve Co. Ltd. was established in September, according to the COFCO statement on its public
CBOT March 2023 soybeans with 20-, 50- and 100-day moving averages. (Barchart)
Crops, Markets, Weather

U.S. grains: Soybeans firm as investors track Argentine weather

Wheat, corn drift lower after multi-week highs

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Chicago | Reuters — Chicago soybean futures rose on Thursday, after rallying earlier in the day to the highest price since June, as investors tracked forecasts for much-needed rain across Argentine crops and China’s dropping of strict COVID-19 measures. But the price rally was capped by investors looking to capture profits and adjust their positions
CBOT March 2023 soybeans with Bollinger bands (20,2). (Barchart)
Crops, Markets, Weather

U.S. grains: Soy firm on Argentina weather, China demand hopes

Wheat market awaits U.S. winterkill assessment

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Chicago | Reuters — Chicago soybean futures rose for a third consecutive session on Wednesday as traders watched weather forecasts in Argentina for signs of much-needed rainfall, while China’s dismantling of COVID-19 restrictions raised hopes for improved demand. Corn also found support from uncertain weather in South America, while wheat lifted as trade kept monitoring

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