MarketsFarm — Updated supply/demand data from the U.S. Department of Agriculture were slightly bearish for grains and relatively neutral for soybeans, although there were no real surprises, according to an analyst. “There were no fireworks out of this report,” said Terry Reilly of Futures International in Chicago. World numbers put some pressure on wheat futures, […] Read more
CBOT weekly outlook: ‘No fireworks’ in January USDA reports
Highs may be in on flax as attention turns to new crop
MarketsFarm — The highs may be in for flaxseed bids in Western Canada, with end-users covered for the time being as attention turns to the 2022 crop. “(Canadian flax) is expensive relative to other markets,” said analyst Marlene Boersch of Mercantile Consulting, speaking via Zoom in Winnipeg on Tuesday to the annual Crop Production Week […] Read more
Funds holding record-large net long position in canola
MarketsFarm — Fund traders remain bullish in the canola market, growing their net long position to a new record in the latest Commitment of Traders report compiled by the U.S. Commodity Futures Trading Commission (CFTC). Managed money fund traders were holding a net long position in ICE Futures canola of 68,140 contracts as of Jan. […] Read more
ICE weekly outlook: Canola strength shows no signs of fading
MarketsFarm — ICE Futures canola contracts started the new year on a firm footing, with little sign that the ongoing strength will end anytime soon. “Is canola expensive? Yes, but everything is expensive,” said analyst Mike Jubinville of MarketsFarm. While canola may look overpriced by some metrics, he noted the high prices were necessary to […] Read more
AAFC adjusts grain, oilseed balance sheets slightly
MarketsFarm –– Updated supply and demand tables from Agriculture and Agri-Food Canada (AAFC), released late Friday, included only minor adjustments to balance sheets for the country’s major crops. The department’s projected ending stocks for wheat and canola were left unchanged from the previous month. Factoring in the official estimates from Statistics Canada, released Dec. 3, […] Read more
Feed weekly outlook: Bids high, but limited supplies mean little moving
MarketsFarm — Feed grain prices in Western Canada remain at very high levels heading into the New Year, but little is actually trading as feedlots fill up with cheaper corn from the U.S. “The volume trading of Canadian feed grains has dropped significantly,” said Jim Beusekom, of Market Place Commodities at Lethbridge, noting about 80 […] Read more
CBOT weekly outlook: Soybeans, corn enter holiday mode
MarketsFarm — Soybean and corn futures at the Chicago Board of Trade are expected to hold relatively rangebound over the next few weeks, although year-end positioning and thinner holiday volumes could lead to some volatility. General unwinding of spreads and fund profit-taking were weighing on prices in mid-December, Sean Lusk of Walsh Trading in Chicago […] Read more
USDA expects canola, sunflowers elsewhere to offset Canada’s shortfalls
MarketsFarm –– Good canola and rapeseed crops in Australia and a number of other parts of the world along with large world sunflower seed production should help offset Canada’s smaller-than-expected production somewhat, according to the December oil crops outlook from the U.S. Department of Agriculture. Total global canola/rapeseed production is now forecast by USDA at […] Read more
ICE weekly outlook: Canola futures still well supported
MarketsFarm — The ICE Futures canola market was showing signs of running into resistance to the upside during the week ended Wednesday, as speculators booked profits on some of their large long positions. The general uptrend, however, remains intact despite the minor correction. While bouts of consolidation were not unexpected, “the trends are still upward […] Read more
Prairie cash wheat: Bids mixed, watching futures and currency
U.S. wheat futures down on week
MarketsFarm — Wheat bids across Western Canada were mixed during the week ended Thursday, as losses in U.S. futures were countered by the supportive influence of a weaker Canadian dollar. Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were up by $5.20-$10.10 per tonne, according to price quotes from a cross-section […] Read more
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