CNS Canada — ICE Futures Canada canola contracts posted large losses during the week ended Wednesday, and could be headed even lower, as bearish technicals and weakness in global economic markets outweigh supportive fundamentals. “We’re going into a seasonally slower demand period,” said Errol Anderson of ProMarket Communications. A downgrade of China’s credit by Moody’s […] Read more
Tag Archives canola futures — page 23
ICE weekly outlook: More losses likely for bearish canola
ICE weekly outlook: Weather issues, tight stocks lift canola
CNS Canada –– The ICE Futures Canada canola market lost ground during the week ended Wednesday, pushed down by losses in the U.S. soy complex. A corruption scandal in Brazil sparked a steep selloff in soybeans during last Thursday’s session, which affected oilseeds around the world, including canola. Canola’s dominant July contract lost $4 during […] Read more
ICE weekly outlook: Weather to spark ‘tug-of-war’ in canola
CNS Canada — ICE Futures Canada canola traders are keenly watching Prairie weather, with variability expected to keep the market choppy in the near term, one analyst says. “There’s a little tug-of-war, back and forth; traders watch as every cloud goes across the Prairies,” said Keith Ferley, commodity futures advisor at RBC Dominion Securities in […] Read more
Canola chart turns neutral to bearish
CNS Canada –– The ICE Futures Canada July canola contract has run into resistance from a chart standpoint and nearby technical signals look neutral to bearish. The contract fell from two-month highs the past two sessions, settling right at the 20-day moving average Thursday around $518 per tonne. Prior to Wednesday’s selloff the contract was […] Read more
ICE weekly outlook: Tight supplies keep canola supported
CNS Canada — ICE Futures Canada canola contracts were up and down during the week ended Wednesday, although the nearby bias could still be pointed higher, according to a market analyst. Statistics Canada is forecasting record canola seedings in 2017 of 22.4 million acres, but Wayne Palmer of Agri-Trend Marketing in Winnipeg said actual seeded […] Read more
ICE weekly outlook: Canola waits for stocks report
CNS Canada — ICE Futures Canada canola contracts continue to chop around in the lead-up to the release of a major report. Statistics Canada is due to release its estimates for the country’s canola stocks (as of March 31) on Friday. The dominant July contract eked out a minor gain of $1.30 per tonne during […] Read more
ICE weekly outlook: Rising canola watching weather
CNS Canada –– ICE Futures Canada canola contracts moved higher during the week ended Wednesday, as weather concerns mounted across the Canadian Prairies. While it’s still early in the Canadian planting season, persistent cool and wet conditions in many areas could lead to delays, said Mike Jubinville of ProFarmer Canada. Uncertainty over how much canola […] Read more
ICE weekly outlook: More gains likely for rising canola
CNS Canada — ICE Futures Canada canola advanced sharply on the week and has room to strengthen further, though resistance is on the horizon. Canola far outpaced Chicago Board of Trade (CBOT) soybeans in the week ending Wednesday, as the market gathered independent strength. Since last week, July canola advanced about $18 per tonne, closing […] Read more
ICE weekly outlook: Canola looks to rise with commercial interest
CNS Canada — ICE Futures Canada canola contracts finished mixed during the week ended Wednesday as intermonth trading took hold with traders exiting the May contract in favour of the more deferred values. The May contract gained $5.70, while some of the outside contracts lost a few days. Ideas that supplies of canola are tightening […] Read more
ICE weekly outlook: Steady canola awaits acreage data
CNS Canada — ICE Futures Canada canola contracts fell to their lowest levels in six months during the week ended Wednesday, but uncovered support to the downside and may be entering a period of consolidation. “On canola, we’re seeing a stabilization period after a sharp downward move,” said Jerry Klassen, manager of Canadian operations with […] Read more
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