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
Tag Archives canola prices — page 15
ICE weekly outlook: Canola poised to test resistance
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
ICE weekly outlook: Growers hanging onto supplies
CNS Canada — ICE Futures Canada canola contracts chalked up gains for the week ended Wednesday, as farmers hung onto supplies in the quest to draw out better prices. The January canola contract was the most consistent mover, finishing higher for the seventh consecutive session on Wednesday. Either “producers are not selling it or the […] Read more
ICE weekly outlook: Canola weak, but finding support
CNS Canada — ICE Futures Canada canola contracts posted losses in most months during the week ended Wednesday, though the market uncovered some support to the downside and finds itself well off its nearby lows. The larger-than-expected old-crop stocks uncovered by Statistics Canada in its September 3 report remain a bearish influence overhanging the market. […] Read more
ICE weekly outlook: More losses in store for canola
CNS Canada — ICE Futures Canada canola contracts were mixed during the week ended Wednesday, with losses in the most active November contract but a slightly firmer tone in the more deferred positions. With harvest pressure only beginning in Western Canada, and the U.S. soy complex looking bearish, the front month will likely keep drifting […] Read more
Canola basis levels seen hanging steady
CNS Canada — Despite a turbulent start to the week for most commodities due to China’s stock market crash, basis levels for canola remain relatively attractive in Manitoba and much of the Prairies, according to an industry watcher. Canola growers have been receiving cash prices of roughly $10.50 in Manitoba and parts of Saskatchewan, said […] Read more
Canola exports to feel pinch of Chinese market crash
CNS Canada — Canada’s canola exports will likely get dragged down by the sea of red ink flowing from Chinese markets, according to an analyst. “It will slow the export market. The whole canola engine has shrunk a little bit. Production will be down about 15 per cent or thereabouts,” said Errol Anderson of ProMarket […] Read more
ICE weekly outlook: Further weakness in store for canola
CNS Canada –– The ICE Futures Canada canola market moved lower during the week ended Wednesday, breaking below the key support level of C$480 per tonne in the November contract. With the technical bias pointed lower, further weakness is expected to be in store for the commodity. “I think the ideas in the trade are […] Read more
ICE weekly outlook: Canola drop may spur fresh demand
CNS Canada — ICE Futures Canada canola futures dropped sharply on Wednesday as the market reacted to a surprisingly bearish U.S. Department of Agriculture report and resulting losses in soybeans. While the nearby technical bias has turned bearish, the latest weakness may also serve to uncover some fresh export demand for canola. “It’s a reminder […] Read more
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