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Canola

ICE January 2023 canola with 20-, 50- and 100-day moving averages. (Barchart)
Canola, Crops, Markets

ICE weekly outlook: Less canola to be exported

Crop expectations from Canada, Australia are factors

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MarketsFarm — Any hopes of Canada exporting 9.3 million tonnes of canola during 2022-23 have now been dashed for two reasons. One reason is the latest Statistics Canada production report that cut canola production for the current marketing year. The other is the bumper canola crop Australia is now expected to have this year. StatCan’s […] Read more
(File photo by Dave Bedard)
Canola, Crops, Markets

Speculative short position grows in canola

Managed money still net long in soybeans

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MarketsFarm — Speculators in the ICE Futures canola were busy liquidating long positions and adding to the short side of the market during the last week of November. That’s caused the net short position to grow to its largest level in two months, according to the latest Commitments of Traders (CoT) report compiled by the […] Read more
Huawei chief financial officer Meng Wanzhou leaves her family home in Vancouver in this May 8, 2019 file photo. (Photo: Reuters/Lindsey Wasson)
Canola, Crops, Reuters

U.S. judge dismisses indictment against Huawei executive

Related charges remain against company

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New York | Reuters — A U.S. judge on Friday dismissed an indictment against Meng Wanzhou, the chief financial officer of Huawei Technologies, formally ending a criminal sanctions case that strained U.S.-China and Canada-China relations. Meng, whose father Ren Zhengfei founded Huawei and is the telecommunications company’s chief executive, entered an agreement with U.S. prosecutors […] Read more
Huawei chief financial officer Meng Wanzhou leaves B.C. Supreme Court on a lunch break during her extradition hearing in Vancouver on Jan. 22, 2020. (Photo: Reuters/Jennifer Gauthier)
Canola, Crops, Reuters

Huawei executive’s U.S. bank fraud charges to be dismissed

Charges remain against company itself

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Reuters — U.S. prosecutors on Thursday asked a judge to dismiss bank fraud and other charges against Meng Wanzhou, the chief financial officer of China’s Huawei Technologies, whose 2018 arrest strained relations between the U.S. and China. Meng struck a deal with the prosecutors last year for the charges against her to be dismissed on […] Read more
ICE January 2023 canola with 20-, 50- and 100-day moving averages. (Barchart)
Canola, Crops, Markets

ICE weekly outlook: Canola still rangebound but upside possible

Crush margins expected to stay high for now

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MarketsFarm — The ICE Futures canola market traded within a certain range for the week ended Wednesday, but one trader believes that wide crush margins will take prices over the psychological resistance level. Since nearly hitting the $900 per tonne mark on Nov. 15, the January canola contract declined for eight straight sessions before going […] Read more
(Dave Bedard photo)
Canola, Crops, Markets

Fund position back to net short in canola

MGEX wheat also shifts to net short: CFTC

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MarketsFarm — Heavy long-liquidation in ICE Futures canola saw the managed money speculative position flip back to a net short after a brief flirtation with a net long, according to the latest Commitment of Traders (CoT) report from the U.S. Commodity Futures Trading Commission (CFTC). The weekly report was delayed one day due to last […] Read more
ICE January 2023 canola with Bollinger bands (20,2). (Barchart)
Canola, Crops, Markets

ICE weekly outlook: Canola’s sideways market nears low end of range

January down last six sessions

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MarketsFarm — ICE Futures canola contracts slid lower during the week ended Wednesday but remain stuck in a sideways trading range overall. The January contract has held within a range from $800 to $900 per tonne for the past five months, with the market still well within that range despite losing over $50 per tonne […] Read more
ICE January 2023 canola (candlesticks) with Bollinger bands (20,2) and ICE March 2023 canola (black line). (Barchart)
Canola, Crops, Markets

ICE weekly outlook: Premium showing in front-month canola

'Surge' of farmer selling expected in January

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MarketsFarm — The ICE Futures canola market held rangebound during the week ended Nov. 16, with the widening premium of the nearby January contract over the March futures seen as a sign of good nearby demand. ICE January canola settled Wednesday at $882.40 per tonne, a $10.50 per tonne premium over the March contract. That […] Read more
(File photo by Dave Bedard)
Canola, Crops, Markets

Fund position switches to net long in canola

Net long in CBOT corn decreases on the week

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MarketsFarm — The overall speculative position in the ICE Futures canola market swung from net short to net long during the first week of November, marking the first time speculators were holding more longs than shorts in four months. That’s according to the latest Commitment of Traders (CoT) report compiled by the U.S. Commodity Futures […] Read more
ICE January 2023 canola (candlesticks) with 20- and 50-day moving averages. (Barchart)
Canola, Crops, Markets

ICE weekly outlook: Trader sees canola topping $900 mark soon

Crush margins at 'very, very extreme levels'

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MarketsFarm — Despite surpassing the $900 per tonne mark at times during the week ended Wednesday, ICE Futures’ January canola contract never settled above that psychological level. Rising prices prior to the weekend later gave away to selling pressure after the weekend due to a correction in vegetable oil prices, according to broker Ken Ball […] Read more

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