CNS Canada — As canola heads towards harvest some bearish headwinds have popped up that are keeping the front-month contract below the $500 mark. “There’s been a big reversal since the (U.S. Department of Agriculture) report,” said Keith Ferley of RBC Dominion Securities in Winnipeg. USDA late last week projected the U.S. soybean crop at […] Read more
Tag Archives canola futures — page 22
ICE weekly outlook: Canola sinks below $500
ICE weekly outlook: Canola consolidates as crush margins deteriorate
CNS Canada — Participants in the canola market have their rain gauges out this week to see if heat-blasted sections of the Prairies get enough moisture to help the beleaguered crop. “Many pockets of Western Canada are in desperate need of rain so that’s the feature right now,” said Keith Ferley of RBC Dominion Securities […] Read more
ICE weekly outlook: Canola trades on weather
CNS Canada — It’s the time of year when canola prices closely follow the weather, and while recent rain has caused some losses, the market could hold onto its premium. “In some ways you could say it’s a classic weather market,” said Jon Driedger, senior market analyst at FarmLink Marketing. Prices had gained following dryness […] Read more
ICE weekly outlook: Canola market at mercy of weather
CNS Canada — ICE Futures Canada canola contracts climbed higher during the week ended Wednesday, following gains in the U.S. soy market. The dominant November canola contract posted a gain of $28.70 per tonne. That lifted it above major resistance to settle at $510.80. Prices were also boosted by concerns that rising temperatures in Western […] Read more
Canola climbs from bottom to top of chart in week
CNS Canada –– The ICE Futures Canada November canola contract has rallied by more than $30 in a matter of days, jumping past a number of key chart points in the process. The futures are nearing major resistance from a technical standpoint. The November contract, which has held in a $40 range from $472 to […] Read more
ICE weekly outlook: New-crop uncertainty supports canola
CNS Canada — ICE Futures Canada canola contracts moved higher during the week ended Wednesday, despite a softer tone in the Chicago soy market, as tight old-crop supplies and chart-based buying supported the Canadian oilseed. Statistics Canada releases its updated acreage estimates on Thursday, and any surprises in the data could provide some nearby direction […] Read more
Crude oil bearishness seeps into canola market
CNS Canada — The falling price of crude oil is a bearish force weighing on many agricultural commodities, including canola, according to a Prairie market analyst. “Crude oil has been a driver of this weakness,” said Errol Anderson, president of ProMarket Communications in Calgary. In the past month, crude oil dropped roughly US$9 per barrel […] Read more
ICE weekly outlook: Canola headed down, looking for spark
CNS Canada — ICE Futures Canada canola contracts were up and down during the week ended Wednesday, with the bias turning lower as losses in outside markets weighed on values. Canola lost $10 in two days, with a slide in soyoil and crude oil futures behind some of the spillover weakness. “We’re not getting any […] Read more
ICE weekly outlook: Canola looks to stay below $500
CNS Canada — ICE Futures Canada canola contracts are facing some bearish weather conditions as more rain is expected to fall across parched regions of the Prairies. During the week ended Wednesday, most canola contracts posted losses. The dominant November contract fell $7.80, to $489.60. The lone exception was the nearby July contract, which eked […] Read more
ICE weekly outlook: Uncertainty to underpin canola in short term
CNS Canada — ICE Futures Canada canola futures advanced on the week and are likely to keep near-term support, one analyst says, as traders mull over the question: Just how much canola is out there? “There’s still a lot of uncertainty about canola numbers; we’re still not certain about how big the last crop was; […] Read more
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