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ICE March 2024 canola as of Dec. 8, 2023, with 20-, 50- and 100-day moving averages. (Barchart)
Markets

ICE weekly outlook: Canola likely to keep sliding back 

With larger crop, trade likely to be overwhelmed by deliveries, analyst says

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There is a rather significant bearish outlook for canola for the rest of December, according to Jerry Klassen of Resilient Commodity Analysis. He said a large part of this was generated by the Statistics Canada production report released on Dec. 4. 
“Pods can look dramatically different, either riper or less ripe, than the actual seeds, so we need to be cracking open those pods and looking at the seeds.” Photo: Greg Berg
Crops, Markets

ICE weekly outlook: Canola following soyoil’s lead

Stat Can's principal field crop estimates will be released on Aug. 29, may affect prices

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MarketsFarm – The November canola contract rose above the C$800 per tonne mark for the first time in nearly a month during the week ended Aug. 23. However, it wasn’t without some turbulence over the last two days of trading. On Aug. 22, the November contract lost C$13.40 per tonne to close at $796.00, before […] Read more
ICE July 2023 canola with 20-, 50- and 100-day moving averages. (Barchart)
Crops, Markets

ICE weekly outlook: StatCan’s canola area estimate questioned

Traders predict significant increase ahead

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MarketsFarm — Statistics Canada on Wednesday released its first survey-based seeding intentions report for the 2023-24 marketing year, reporting an anticipated 0.9 per cent rise in canola acres, to 21.6 million. The figure occupied the lower end of trade expectations, but StatCan recently adopted a new methodology of conducting the survey last December and January, […] Read more
ICE November 2021 canola (candlesticks) with 20-day moving average (yellow line) and CBOT December 2021 soyoil (green line, left column). (Barchart)
Crops, Markets

ICE weekly outlook: Canola rally keeps going

Not yet back at $1K, but it's possible

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MarketsFarm — With good gains from other edible oils, canola has remained on the rise so far during the week of Oct. 18. It’s uncertain as to how much longer the rally could press on, but analyst David Derwin of PI Financial in Winnipeg said canola punching through $1,000 per tonne again is possible. “Never […] Read more
(File photo by Dave Bedard)
Crops, Markets

ICE canola futures’ daily limit expanded to $60

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MarketsFarm — The daily price limit (DPL) for canola futures contracts on the ICE Futures platform will rise to $60 per tonne starting Nov. 1, the exchange announced Tuesday. The DPL determines how much a contract can move in a given session above or below the previous settlement. The new level compares with the current […] Read more
ICE November 2021 canola (candlesticks) with 20-, 50- and 100-day moving averages (yellow, green and black lines) and CBOT October 2021 soyoil (blue line, left column). (Barchart)
Crops, Markets

ICE weekly outlook: Canola futures slide, cash prices might not follow

Weakness seen ongoing in soy complex

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MarketsFarm — If the October soyoil contract on the Chicago Board of Trade (CBOT) falls to 55 U.S. cents/lb., it’s likely ICE Futures canola will drop to around $850 per tonne, according to analyst Errol Anderson of ProMarket Communications in Calgary. ICE November canola closed Wednesday at $890.80 per tonne, giving up $10.80 since the […] Read more
ICE November 2021 canola (candlesticks) with Bollinger bands (20,2). (Barchart)
Crops, Markets

ICE weekly outlook: Canola rangebound, awaits report

New StatsCan data due out Monday

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MarketsFarm — ICE Futures canola contracts saw some choppy activity during the week ended Wednesday, hitting their lowest levels in nearly a month before recovering back toward the upper end of their wide sideways range. A new production report from Statistics Canada, due out Monday (Aug. 30), could set the stage for a break one […] Read more
ICE November 2021 canola (candlesticks) with 10-, 20-, 50- and 100-day moving averages (yellow, green, purple and black lines). (Barchart)
Crops, Markets

ICE weekly outlook: $1,000 canola not a guarantee

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MarketsFarm — Any idea of canola hitting $1,000 per tonne in the near future is not the sure thing some people may have thought it was, according to Errol Anderson, an analyst with ProMarket Communications in Calgary. “New-crop futures might take a run at $1,000 per tonne, but in the same breath the November contract […] Read more

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