CNS Canada — ICE Futures Canada canola contracts managed to post small gains over the week ended Wedensday, as the market recovered off of the contract lows hit the previous week. However, former support levels are now acting as resistance, as the market finds itself in a new, slightly lower range. Support in the front […] Read more
Tag Archives canola markets — page 13
ICE weekly outlook: Canola recovers, but faces resistance
ICE weekly outlook: Canola posts gains as loonie plunges
CNS Canada — ICE Futures Canada canola contracts advanced during the week ended Wednesday, on the back of currency action that made the commodity more desirable to international buyers. “This Canadian dollar has really helped out exports to China, Japan, Pakistan and Mexico,” said Wayne Palmer of Agri-Trend Marketing in Winnipeg. The loonie continued to […] Read more
ICE weekly outlook: Canola still rangebound on charts
CNS Canada — ICE Futures Canada canola contracts broke above major resistance levels this week, hitting levels not seen since August. However, as they say, what comes up must come down — and prices were well off of those highs by Tuesday’s close, bringing the market back within its long-standing trading range. The most active […] Read more
ICE weekly outlook: Canola seesaws with StatsCan report
CNS Canada — ICE Futures Canada canola contracts posted modest losses for the week ended Wednesday, with the January contract falling slightly below the key technical benchmark of $470 per tonne. Still, at least one analyst said he thinks canola is well positioned to climb higher. A bearish Statistics Canada report on Friday pegged canola […] Read more
ICE weekly outlook: Canola watching currency markets
CNS Canada — ICE Futures Canada canola contracts moved higher during the week ended Wednesday, but further gains may be hard to come by without more support from the currency markets. “We’ve been held up here by the weaker Canadian dollar,” said Jerry Klassen, manager of the Canadian office for Swiss-based GAP S.A. Grains and […] Read more
ICE weekly outlook: Canola rangebound amid bearish tone
CNS Canada –– ICE Futures Canada canola contracts eked out minor gains for the week ended Wednesday. The increase, however minimal, may have come as welcome relief to a market caught in the grip of large global oilseed supplies for several weeks. “Canola will hang in here until there is a bullish sentiment that can […] Read more
ICE weekly outlook: Canola can’t crack resistance
CNS Canada — ICE Futures Canada canola futures ended slightly higher for the week ended Wednesday. All of the contracts eked out minor gains, but it was largely seen as a frustrating session for the near-term November contract, which again failed to settle above its technical resistance point of $480 per tonne. Funds largely pushed […] Read more
ICE weekly outlook: Canola poised to test resistance
CNS Canada — ICE Futures Canada canola futures tried and failed to break higher on numerous occasions over the past two weeks, but could be poised to finally see a bounce, according to a market analyst. A rebound in palm oil is supporting soyoil, which in turn is supportive for canola, said Errol Anderson of […] Read more
ICE weekly outlook: Canola climbs despite harvest pressure
CNS Canada –– ICE Futures Canada canola contracts finished higher for the week ended Wednesday, posting gains of $9-$10 per tonne despite mounting harvest pressure and large world supplies of vegetable oil. The slumping Canadian dollar, which momentarily reached its lowest point in 11 years during the session, has been a big reason behind canola’s […] Read more
Canola exports seen moving slower than expected
CNS Canada –– Sales of canola out of the world’s top canola-exporting country are moving slower than merchants had anticipated — and market watchers attribute Canada’s sluggish pace to high prices and low global demand. “The export story right now is quiet,” said Peter Schutz, canola merchant at Richardson International, attributing it to a lack […] Read more
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