MarketsFarm — ICE Futures canola contracts fell hard to end the month of May, dropping to levels not seen in more than two years. While the oversold market may be due for a correction, there could also still be more room to the downside. “It’s hard to have a real solid opinion of whether we’ll […] Read more
ICE weekly outlook: Hard to know where canola will go
'Could easily make a case either way'
CBOT weekly outlook: Chicago soy, corn find chart support
Pre-Memorial Day positioning expected
MarketsFarm — Soybean and corn futures at the Chicago Board of Trade were testing lows in mid-May but appeared to have found some support for the time being. “We’re getting a little technical bounce off these lows,” said John Weyer, director of commercial hedging with Walsh Trading in Chicago. He had expected July soybeans to […] Read more
AAFC projecting canola ending stocks to tighten
New-crop wheat ending stocks figure boosted
MarketsFarm — Canadian canola ending stocks in both the current marketing year and upcoming 2023-24 season will be tighter than earlier estimates, according to supply/demand projections from Agriculture and Agri-Food Canada (AAFC) on Tuesday. Factoring in Statistics Canada’s latest acreage estimates and its data for stocks as of March 31 — figures both released in […] Read more
Speculative short position declines in canola
Traders' net long in CBOT soy also reduced
MarketsFarm — The speculative short position in canola continued to shrink during the week ended May 15, as speculators bought back short positions and put on new longs, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC). As of May 15, 2023, the net managed money short position […] Read more
Feed weekly outlook: Barley market steady for now
Feedlots still importing U.S. corn
MarketsFarm — Feed barley bids in Western Canada continue to hold steady, while attention in the market turns to the new crop going into the ground. “There currently is an uptick in demand for quick movement presenting good opportunities for producers ready to sell,” Alberta grain brokerage Agfinity said in a note to clients. “However, […] Read more
Prairie cash wheat: Bids soften
Chicago, Minneapolis wheats down on week
MarketsFarm — Spring wheat bids in Western Canada softened during the week ended Thursday, as the bearish influence of the extended Black Sea Grain Initiative more than countered any support from poor winter wheat production prospects in the U.S. Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were down by $3.60-$6.70 […] Read more
Firm Canadian chickpea market watching world production
Trade keeps eye on crops in Turkey, Russia, India
MarketsFarm — Canadian farmers are in the early stages of planting the country’s next chickpea crop, with market conditions firm for the time being, ahead of new-crop harvests in other countries. “The market is firm, it’s not going up or down,” said Jake Hansen of Mid-West Grain at Moose Jaw, Sask., noting there was not […] Read more
Pulse weekly outlook: Canadian exports solid
Bangladesh, Pakistan now buying Canadian peas
MarketsFarm — Canadian pulse exports are running well ahead of their year-ago level, with some demand rationing likely over the next few months as supplies tighten ahead of the new-crop harvest. Canada has exported 1.56 million tonnes of lentils during the crop year to date, with Turkey the top destination at 421,000 tonnes followed by […] Read more
Canola fund short position narrows slightly in early May
Traders reduce net long in soybeans
MarketsFarm –– Fund traders were buying back short positions and putting on some new longs in the canola futures market during the first full week of May, causing the net short position to narrow in slightly, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC). As of May […] Read more
ICE weekly outlook: Canola showing independent strength
Prairie weather uncertainty supportive
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 […] Read more
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