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ICE weekly outlook: C$900 per tonne in reach for canola 

Black Sea deal's end, Russian attack on Odesa, pushing all prices up

MarketsFarm – Sporadic rainfall across the Prairies has not been enough to stop canola’s upward momentum during the week ended July 19, while a pair of other factors are fueling the oilseed’s rise.  The November canola contract went from settling below the C$800 per tonne mark (C$797.50/tonne) on July 12 to exceeding the C$850 mark

(File photo by Dave Bedard)

Net short position nearly gone in canola

Traders still net short in CBOT wheat, corn

MarketsFarm — Speculative traders continue to exit their bearish bets in canola, with the net short position dipping below 4,000 in the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC). As of July 11, the net managed money short position in canola futures came in at 3,899 contracts (34,124 short,


ICE November 2023 canola with 20-, 50- and 100-day moving averages. (Barchart)

ICE weekly outlook: Canola climbs on weather worries

Demand rationing also seen as supportive

MarketsFarm — The ICE Futures canola market moved steadily higher during the week ended Wednesday, hitting its strongest levels in more than four months as bullish chart signals and production uncertainty across the Prairies provided support. A bearish reaction in the Chicago soy complex to the latest supply/demand estimates (WASDE) from the U.S. Department of

(Dave Bedard photo)

Fund short position hits six-month low in canola

CBOT soybeans show reduced net long

MarketsFarm — The speculative short position in ICE Futures canola fell to its smallest level in six months at the beginning of July, as fund traders covered short positions and put on some new longs. That’s according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC). As of July


ICE November 2023 canola with 20-, 50- and 100-day moving averages. (Barchart)

ICE weekly outlook: Canola makes huge move

Prairies' dry patches add to upswing

MarketsFarm — Canola came out of Canada Day continuing to build on gains made going into the holiday, largely due to spillover from the Chicago soy complex. The U.S. Department of Agriculture last Friday released its planted acres report, which saw soybeans lose four million acres from the 87.5 million planted in 2022, leading to

(Dave Bedard photo)

Net short drops in canola as funds cover positions

Traders expand net longs in soy, corn

MarketsFarm — Speculative traders were busy covering short positions in ICE Futures canola during the week ended June 20, taking the net short position in the market to its smallest level in four months, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC). As of June 20, the


ICE July 2023 canola with 20-day moving average (yellow line, right scale) and CBOT July 2023 soybean oil (dark green line, left scale). (Barchart)

ICE weekly outlook: Canola market rising into summer

New StatCan acreage estimates out next week

MarketsFarm — ICE Futures canola contracts have climbed steadily higher since their late-May lows, nearing chart resistance to the upside on the first day of summer. Updated renewable fuel targets released by the U.S. Environmental Protection Agency failed to live up to expectations, sparking a speculative selloff in soyoil. While the limit-down move in soyoil

(Dave Bedard photo)

ICE canola futures see record daily trade volume

Previous record trading day was in 2014

MarketsFarm — The ICE Futures canola market on Friday saw its busiest day ever, with over 90,000 contracts traded during the session, according to preliminary data. Intermonth spreading accounted for roughly half of the trade volumes on Friday as investors were busy rolling out of the front month. Daily trade volumes in canola are typically


ICE July 2023 canola with 20- and 50-day moving averages. (Barchart)

ICE weekly outlook: Canola will follow soyoil up or down

Prairie weather another guiding factor

MarketsFarm — Although canola prices have been somewhat erratic over the last weeks, they along with other oilseeds have generally rebounded, according to trader Ken Ball of PI Financial in Winnipeg. Ball commented there has been a good amount of short-covering in soyoil at the Chicago Board of Trade, as markets positioned themselves for an