MarketsFarm — Ocean freight rates have come under pressure over the past month, nearing their lowest levels of 2022 as mounting COVID-19 cases in China, along with increased restrictions in the country, have contributed to concerns over declining demand. The Baltic Dry Index (BDI), a major indicator of bulk shipping rates, settled at 1,149 points […] Read more
Ocean freight rates under pressure
Container rates also lower
ICE weekly outlook: Premium showing in front-month canola
'Surge' of farmer selling expected in January
MarketsFarm — The ICE Futures canola market held rangebound during the week ended Nov. 16, with the widening premium of the nearby January contract over the March futures seen as a sign of good nearby demand. ICE January canola settled Wednesday at $882.40 per tonne, a $10.50 per tonne premium over the March contract. That […] Read more
Fund position switches to net long in canola
Net long in CBOT corn decreases on the week
MarketsFarm — The overall speculative position in the ICE Futures canola market swung from net short to net long during the first week of November, marking the first time speculators were holding more longs than shorts in four months. That’s according to the latest Commitment of Traders (CoT) report compiled by the U.S. Commodity Futures […] Read more
CBOT weekly outlook: Rising U.S. corn, soy yields ‘a little surprising’
'Somehow the USDA found higher yields'
MarketsFarm — Updated estimates in the U.S. Department of Agriculture’s monthly supply/demand report, released Wednesday, saw larger than expected increases to soybean and corn yield estimates in the country. However, that data did little to move the markets, with the commodities likely stuck in a sideways range for the time being, according to a trader. […] Read more
Fund short position in canola dips to four-month low
Net long increases in CBOT soybeans
MarketsFarm — Speculators were busy covering short positions and putting on some fresh longs in the canola market during the week ended Nov. 1. That lowered the net short position in the ICE Futures canola market to its smallest level since the beginning of July, according to the latest Commitment of Traders (CoT) report compiled […] Read more
China top destination for Canadian wheat through two months
MarketsFarm – China was the main destination for Canadian wheat through the first two months of the 2022/23 (Aug/Jul) marketing year, according to the latest trade data from Statistics Canada. Canada exported 534,000 tonnes of wheat to China in August and September, accounting for about 20 per cent of Canada’s total wheat exports-to-date. Japan, Bangladesh […] Read more
Feed weekly outlook: Tight logistics underpinning Prairie feed market
MarketsFarm – Canada’s barley crop may have improved considerably in 2022 compared to 2021’s drought-stricken crop, but the logistics of getting that grain to Alberta’s feedlot alley are keeping prices well supported. Canada grew 9.4 million tonnes of barley during the 2022 growing season, which was up by 35 per cent from the previous year. […] Read more
Manitoba nets average crops in 2022 after wet spring
MarketsFarm – Wet spring conditions delayed seeding operations across much of Manitoba to start the 2022 growing season, but warm summer conditions allowed for good development with yields for most crops showing a marked improvement over the drought-stricken 2021 harvest, according to the final crop report of the season from Manitoba Agriculture. On a crop-by-crop […] Read more
Green peas regain premium over yellows
MarketsFarm – Solid demand and tighter supplies have seen green pea bids regain a premium over yellow peas in Western Canada, although the market for both varieties remains solid overall. Green peas historically trade at premium to yellow peas due to higher quality specs and concerns over bleaching, but increased domestic demand for yellow peas […] Read more
ICE weekly outlook: Sideways canola market due for a move
MarketsFarm – The ICE Futures canola market largely held within its well-established sideways trading range during the week ended Oct. 26, with only the nearby November contract breaking higher as short-covering ahead of its expiry gave the month a boost. The January contract has held in a narrow range between C$860 and C$880 per tonne […] Read more
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