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Canola, Crops, Markets

U.K. to increase rapeseed, product output in 2023-24

Input costs seen down so far this year

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MarketsFarm — With the rapeseed crop in the United Kingdom estimated at 66 per cent good to excellent, the U.S. Department of Agriculture attaché in London, forecast production for 2023-24 to be 1.38 million tonnes. That would make for a 1.4 per cent increase over the 2022-23 crop. While the attaché pegged planted and harvest […] Read more
ICE July 2023 canola with 20- and 50-day moving averages. (Barchart)
Canola, Crops, Markets

ICE weekly outlook: Canola showing independent strength

Prairie weather uncertainty supportive

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MarketsFarm — ICE Futures’ canola market saw some independent strength relative to other oilseeds during the week ended Wednesday, as speculative positioning and the need to ration tight old-crop supplies provided support. Canadian canola stocks as of March 31 were pegged at 5.95 million tonnes by Statistics Canada in a report released Tuesday. That was […] Read more
(File photo by Dave Bedard)
Canola, Crops, Markets

Canola fund short position grows

Funds also net short in U.S. wheats

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MarketsFarm — The managed money net short position in canola grew in early May as fund traders were busy liquidating long positions and moving more money to the short side of the market, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC). As of May 2, the net […] Read more
ICE July 2023 canola with 20-day moving average and November 2023 canola (yellow open/high/low/close). (Barchart)
Canola, Crops, Markets

ICE weekly outlook: Expect canola to climb higher

Seeding reported underway in southern Alberta

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MarketsFarm — As better-than-expected weather across the Canadian Prairies is very likely to spur on farmers to begin their spring seeding, the market is poised to push higher over the next couple of months, according to an analyst. “We have come down to the low end of the range,” said David Derwin, commodity futures advisor […] Read more
ICE July 2023 canola with 20-, 50- and 100-day moving averages. (Barchart)
Canola, 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 July 2023 canola with Bollinger bands (20,2). (Barchart)
Canola, Crops, Markets

ICE weekly outlook: Weather to influence canola price movement

Short-covering seen supporting front months for now

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MarketsFarm — Canola contracts on the ICE Futures platform held relatively rangebound during the week ended Wednesday, trading within a $20 per tonne range in most months as market participants wait to get a better handle on new-crop prospects. “There’s some concern developing on seeding delays,” said Jamie Wilton of RJ O’Brien in Winnipeg, adding […] Read more
File photo of a rapeseed field in India. (Amlanmathur/iStock/Getty Images)
Canola, Crops, Weather

India’s rapeseed output to be steady

El Nino may be a spoiler

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MarketsFarm — Rapeseed production in India has been forecast to remain quite consistent, according to the U.S. Department of Agriculture (USDA) attaché in New Delhi. The attaché projected rapeseed production for 2023-24 to hold at 11.5 million tonnes, the same in 2022-23. USDA’s official numbers placed India as the world’s No. 4 producer of rapeseed, […] Read more
ICE November 2023 canola with Bollinger bands (20,2) and May 2023 canola (black line). (Barchart)
Canola, Crops, Markets

ICE weekly outlook: New-crop November canola set to step back

StatCan not expected to sway futures much

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MarketsFarm — There is presently little upside to new-crop November canola on ICE Futures, according to analyst Errol Anderson of ProMarket Communications in Calgary. Anderson pointed to losses in Malaysian palm oil and weakness in China’s soymeal market as weighing on ICE canola values, with more pressure coming out of South America. “The [soybean] production […] Read more
Louis Dreyfus’ oilseed processing plant at Yorkton, Sask. (LDC.com)
Canola, Crops

Louis Dreyfus expanding Yorkton canola crush plant

New expansion would more than double plant's capacity

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Louis Dreyfus’ Yorkton, Sask. canola crushing plant is about to undergo another major expansion. The project, announced Tuesday, is expected to add an additional canola crushing line and more than double the plant’s annual capacity to over two million tonnes upon completion. Construction is due to begin later this year. The crush plant, built in […] Read more
(File photo by Dave Bedard)
Canola, Crops, Markets

Canola fund short position shrinking

Managed money is net long on corn, soy

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MarketsFarm — Managed money fund traders continued to cover their large short positions in canola in early April, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC). As of April 4, the net managed money short position in canola futures came in at 49,470 contracts (70,671 short; 21,201 […] Read more

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