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

ICE weekly outlook: Canola futures looking for bottom

Crushing pace remains aggressive

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MarketsFarm — ICE Futures canola contracts fell to their lowest levels in three and a half months during the week ended Wednesday, taking some direction from Chicago soyoil as harvest activity winds down across the Prairies. Losses in other markets, including Malaysian palm oil and European rapeseed futures, added to the declines in canola. “Everybody
ICE November 2023 canola with Bollinger bands (20,2) and July 2023 canola (green line). (Barchart)
Crops, Markets

ICE weekly outlook: Don’t bank on $700 canola, analyst suggests

Fresh bullish news not yet in view

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MarketsFarm — New-crop canola prices on ICE Futures seemed to be destined to remain well below $700 per tonne, according to analyst Errol Anderson of ProMarket Communications in Calgary. “The market tends to be back where it came from,” Anderson said, stressing that chances of canola pushing higher requires fresh bullish news. “It’s got to
ICE January 2023 canola (candlesticks) with 20- and 50-day moving averages. (Barchart)
Crops, Markets

ICE weekly outlook: Trader sees canola topping $900 mark soon

Crush margins at 'very, very extreme levels'

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MarketsFarm — Despite surpassing the $900 per tonne mark at times during the week ended Wednesday, ICE Futures’ January canola contract never settled above that psychological level. Rising prices prior to the weekend later gave away to selling pressure after the weekend due to a correction in vegetable oil prices, according to broker Ken Ball
ICE July 2022 canola (candlesticks) with Bollinger bands (20,2) and November 2022 canola (yellow line). (Barchart)
Crops, Markets

ICE weekly outlook: Canola sideways for now

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MarketsFarm — The ICE Futures canola market may have seen some large price swings over the past few weeks, but remains relatively rangebound overall with values sitting just below their all-time highs. The upward momentum is slowing down, said David Derwin, a commodities investment advisor with PI Financial in Winnipeg. However, he added, it remains
ICE July canola with 20- and 100-day moving averages and CBOT July 2020 soyoil (blue line). (Barchart)
Crops, Markets

ICE weekly outlook: Canola steady at midweek

Spring seeding more or less underway

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MarketsFarm — After showing considerable strength in prior trading sessions, canola contracts were either side of unchanged at midweek. David Derwin of P.I. Financial in Winnipeg said canola was holding steady in comparison to other vegetable oils. “There’s general weakness in other markets, but canola hasn’t had too much of a move,” he said. Considerable
ICE May 2020 canola with 20-, 50- and 100-day moving averages. (Barchart)
Crops, Markets

ICE weekly outlook: Canola loses strength at midweek

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MarketsFarm — ICE Futures canola contracts succumbed to pressure from comparable vegetable oils at midweek, after showing strength earlier in the week. Ken Ball of P.I. Financial said lower soyoil values put canola “under tremendous pressure.” Nearby soyoil contracts were down by about a penny on Wednesday. Earlier in the week, rumours swirled regarding the

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