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Canola

A view of Imperial Oil’s Strathcona fuel refinery from the North Saskatchewan River. (Imperial Oil photo via BusinessWire)
Canola, Crops, Machinery, Soybeans

Imperial Oil clears Edmonton renewable diesel plant for construction

Quick decision motivated in part by need for feedstocks such as canola oil, company says

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Reuters — Imperial Oil on Thursday announced approval for an investment of $720 million to build Canada’s largest renewable diesel facility at its Strathcona refinery near Edmonton. The Calgary-based company said the facility will produce 20,000 barrels per day of renewable diesel and is expected to start production in 2025. Imperial expects regulatory approval for […] Read more
ICE March 2023 canola with Bollinger bands (20,2). (Barchart)
Canola, Crops, Markets

ICE weekly outlook: Canola trading window lowered

A crude oil downturn would pressure canola, loonie

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MarketsFarm — The ICE Futures canola market posted steady losses for five sessions, testing the lower edge of their well-established trading ranges before finally uncovering some support on Wednesday. The losses did damage from a chart perspective, with the activity bumping the trading window lower, according to an analyst. “Overall, both on old- and new-crop, […] Read more
ICE March 2023 canola with 20-, 50- and 100-day moving averages. (Barchart)
Canola, Crops, Markets

ICE weekly outlook: Canola’s steady week takes late turn

Outlook 'neutral to bearish'

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MarketsFarm — While canola prices turned lower Wednesday, the week ending that day was full of rangebound trade activity with little movement. The March canola contract traded within a range of $832-$846.70 per tonne during the week, settling at the low end of the range after falling $5.20 on Wednesday to close at $832.70/tonne. Winnipeg-based […] Read more
(File photo by Dave Bedard)
Canola, Crops, Markets

Fund traders flip back to short side on canola

Corn traders reduce net long position

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MarketsFarm — After briefly holding a net long position to start the New Year, speculators were back holding a net short position in canola in the second week of January as they liquidated long positions and put on some new bearish bets. The latest Commitments of Traders (CoT) report compiled by the U.S. Commodity Futures […] Read more
ICE March 2023 canola with Bollinger bands (20,2). (Barchart)
Canola, Crops, Markets

ICE weekly outlook: Canola likely rangebound until spring

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MarketsFarm — Unless something very dramatic were to happen in the coming weeks, canola futures on the ICE Futures platform will remain rangebound at least until spring, according to David Derwin, analyst with PI Financial in Winnipeg. “Canola has been very rangebound for the last six to seven months,” he said, noting downward fluctuations during […] Read more
(Dave Bedard photo)
Canola, Crops, Markets

Fund traders back on the long side in canola

Net long also extended in CBOT corn, soy

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MarketsFarm — Speculators in ICE canola moved back to a net long position in the futures to start the New Year, according to the latest Commitment of Traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC). The net managed money long position in ICE Futures canola came in at 6,805 contracts on Jan. […] Read more
ICE March 2023 canola with 20-, 50- and 100-day moving averages. (Barchart)
Canola, Crops, Markets

ICE weekly outlook: Sideways canola market watching macros

USDA report may offer nearby direction

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MarketsFarm — ICE Futures canola contracts remain stuck in a sideways trading range to start the New Year, with bearish outside forces countered by relatively supportive fundamentals. From a chart standpoint, March canola is stuck in a sideways range between $800 and $900, with little to suggest a break one way or the other for […] Read more
ICE March 2023 canola with Bollinger bands (20,2). (Barchart)
Canola, Crops, Markets

ICE weekly outlook: Markets rangebound into the New Year

ICE canola plays catch-up on CBOT gains

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MarketsFarm — As 2022 comes to an end, a trader stated the commodities market will very likely remain rangebound through the New Year. Ken Ball, of PI Financial in Winnipeg, said there’s heavy spreading, as well as the maneuvering of year-end positions and plenty of liquidation going on at the moment, “all trapped in a […] Read more
ICE March 2023 canola with 20-, 50- and 100-day moving averages. (Barchart)
Canola, Crops, Markets

ICE weekly: Canola regains strength after days of declines

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MarketsFarm — After a losing string of four straight sessions, the ICE Futures March canola contract regained some strength on Wednesday. Limited and choppy trading in nearby soybean contracts had pulled down canola for most of the week, according to Winnipeg-based independent trader Jerry Klassen. “When the March got up to $868-$870 (per tonne)… there […] Read more
ICE March 2023 canola with 20-, 50- and 100-day moving averages. (Barchart)
Canola, Crops, Markets

ICE weekly outlook: Canola trade’s focus on South America

Canola still entrenched in $800-$900 range

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MarketsFarm — ICE Futures canola contracts held relatively rangebound during the week ended Wednesday, looking for some direction to push values one way or the other. “We’re just watching South American weather now,” said Jaimie Wilton, commodities futures specialist with RJ O’Brien in Winnipeg, pointing to the drought in Argentina and the relatively favourable conditions […] Read more

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