GFM Network News

USDA’s July WASDE has little effect on markets

U.S. Midwest weather likely having greater effect

MarketsFarm — There were some notable changes in the carryovers for corn, soybeans and wheat in the July supply and demand report from the U.S. Department of Agriculture released Friday. However, the monthly world agriculture supply and demand estimates (WASDE) had very little effect on the markets, according to MarketsFarm analyst Mike Jubinville. “I think

Now that the crop is in the ground, and StatsCan has confirmed at about the expected acreage, it’s all down to yields.

Canada acreage estimates stand pat, U.S. surprise spurs bulls

Attention shifts to yield potential after StatsCan acreage report, U.S. numbers blindside grain trade

Recently updated acreage estimates from Statistics Canada came largely within market expectations, with the focus now shifting to growing conditions and the yield potential. The survey was completed in early June “and may not have captured all of the seeding delays and potential shifts that may have happened in central/northern Alberta and northwestern Saskatchewan because

New Canadian and U.S. estimates of canola and soybean acres were generally supportive for canola futures.

With seeding intentions clear, traders now watching the skies

Strength in the Chicago soy complex also helped lift canola values

Acreage data from government agencies supported canola values during the week ended July 2. On June 29, Statistics Canada estimated canola acreage across the country at 20.778 million acres, which was at the higher end of trade estimates, though slightly lower than the 20.956 million acres seeded the previous year. Canola prices were supported by

Canola market likely to move lower

The market is awaiting a June 29 report that could reveal a significant drop

Three factors will determine which way canola will move in the coming weeks – the Canadian dollar, the Prairie weather, and the Chicago Board of Trade, according to Errol Anderson of ProMarket Communications in Calgary, Alta. “I’m expecting the Canadian dollar to move up a bit, just because of United States dollar pressure. That could

ICE canola can’t hang on to its recent gains

Canola traders will now turn their attention to the skies

ICE Futures canola contracts ran into resistance during the week ended June 11, repeatedly trying and failing to continue the short-covering rally that had boosted prices off of nearby lows to start the month. Intermonth spreading was a feature, accounting for heavy volumes on occasion, as traders rolled out of the nearby July contract into

Canola gains on veg oils’ strength

Pressure comes from the loonie’s recent improvement against the U.S. dollar

Canola prices climbed higher during the week ended June 5, despite strength in the Canadian dollar that would typically have a bearish effect on prices. Nearby canola contracts started the week at $457.10 per tonne and posted losses on Monday before rallying on Tuesday. By June 4, nearby contracts closed at $463.60 per tonne. The Canadian dollar was over 74

Traders’ optimism for canola is short lived

Hopes of Chinese demand for U.S. soybeans have also faded as tensions mount

Things were looking rather good for canola during the first part of the week of May 25 — then prices dropped almost immediately on May 27 after a ruling was announced on the extradition of Meng Wanzhou. Canola, as it so often does, had been riding the coattails of soyoil on the Chicago Board of

Manitoba’s Agriculture Department reported seeding at about 42 per cent complete at the end of the second week of May, down from the three-year average of about 55 per cent.

Canola futures run up into resistance

Canola’s downturn likely followed declines in CBOT soybeans and soyoil

After grinding higher for most of the past month, the ICE Futures canola market ran into resistance and took back a large portion of those gains during the week ended May 22. The July contract traded just below resistance around the 100-day moving average, near $475 per tonne, for a number of days before finally

Influx from spring harvest coming to feed market

Some wheat is said to still be making the grade, leaving numbers uncertain

As the spring harvest ramps up, more and more grain will be making its way to the feed market, according to Glen Loynes of JGL Commodities in Moose Jaw, Sask. “We’re going to see a lot of it in the next week or so,” Loynes said, noting it’s too early to be certain about the

Opinions are divided on how much canola Canada’s farmers will put in the ground this spring, ahead of Statistics Canada’s acreage survey due out May 7.

Canola trends higher against pandemic tides

Markets are keeping an eye on the state of last fall’s snowed-under crops

The ICE Futures canola market was relatively strong during the last week of April, despite the global pandemic that continued to roil most outside markets. The July canola contract trended higher all week, moving off of major lows in the process. From a chart standpoint, July canola sees support around $450 per tonne, with the