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ICE November 2023 canola with Bollinger bands (20,2) and July 2023 canola (green line). (Barchart)
Canola, Crops, Markets

ICE weekly outlook: Don’t bank on $700 canola, analyst suggests

Fresh bullish news not yet in view

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MarketsFarm — New-crop canola prices on ICE Futures seemed to be destined to remain well below $700 per tonne, according to analyst Errol Anderson of ProMarket Communications in Calgary. “The market tends to be back where it came from,” Anderson said, stressing that chances of canola pushing higher requires fresh bullish news. “It’s got to […] Read more
CBOT July 2023 soybeans with Bollinger (20,2) bands. (Barchart)
Crops, Markets

CBOT weekly outlook: Chicago soy, corn find chart support

Pre-Memorial Day positioning expected

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MarketsFarm — Soybean and corn futures at the Chicago Board of Trade were testing lows in mid-May but appeared to have found some support for the time being. “We’re getting a little technical bounce off these lows,” said John Weyer, director of commercial hedging with Walsh Trading in Chicago. He had expected July soybeans to […] Read more
(File photo by Dave Bedard)
Canola, Crops, Markets

Speculative short position declines in canola

Traders' net long in CBOT soy also reduced

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MarketsFarm — The speculative short position in canola continued to shrink during the week ended May 15, as speculators bought back short positions and put on new longs, according to the latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission (CFTC). As of May 15, 2023, the net managed money short position […] Read more
CBOT July 2023 soft red winter wheat with 20-day moving average, MGEX July 2023 hard red spring wheat (yellow line) and K.C. July 2023 hard red winter wheat (orange line). (Barchart)
Crops, Markets, Reuters

U.S. grains: Wheat up off two-year low, pulls corn higher

Soybeans down on profit-taking

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Chicago | Reuters — U.S. wheat futures rose 2.6 per cent on Tuesday, bouncing from their lowest in more than two years, on concerns that Ukraine’s exports were being restricted despite the extension of the Black Sea export deal, traders said. The gains in wheat lent support to corn futures, while soybeans retreated on profit-taking […] Read more
CME July 2023 lean hogs with 20-, 50- and 100-day moving averages. (Barchart)
Livestock, Markets, Reuters

U.S. livestock: Hog, cattle futures fall on technical selling

Cattle trade sees pressure from rising corn futures

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Chicago | Reuters — Chicago Mercantile Exchange hog futures fell on Tuesday on technical selling as the market moved closer to values in the cash market, traders said. Cattle contracts also were lower, with traders noting pressure from strength in corn futures. Recent declines in both cattle and hogs have done little to spur a […] Read more
CME October 2023 feeder cattle with 20-, and 100-day moving averages and May 2023 feeder cattle (black line). (Barchart)
Finishers, Livestock, Markets

Klassen: Weather forecasts underpin feeder market

High forage costs pose problem for cow-calf expansion

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For the week ending Saturday, western Canadian feeder cattle markets were relatively unchanged from seven days earlier. The finishing feedlot operator appears to be dominating the feeder market across all weight categories. Ontario interest was creeping all the way into Alberta, especially for Limousin-type genetics. There were limited numbers on offer in Manitoba and Saskatchewan […] Read more
CBOT July 2023 corn with 20-, 50- and 100-day moving averages. (Barchart)
Crops, Markets, Reuters

U.S. grains: Corn, soy futures rally

Wheat up off lowest level since March 2021

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Chicago | Reuters — U.S. soybean and corn futures rallied on Monday and wheat futures firmed as a round of bargain buying supported commodities prices after a bearish global supply picture pushed prices sharply lower this month. The benchmark Chicago Board of Trade wheat contract dropped below $6 a bushel for the first time in […] Read more
CME July 2023 lean hogs with Bollinger bands (20,2). (Barchart)
Livestock, Markets, Reuters

U.S. livestock: Hog futures drop to contract lows on demand woes

CME cattle futures also lower

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Chicago | Reuters — Chicago Mercantile Exchange hog futures sank to contract lows on Monday, with the market under pressure from plentiful supplies and weak demand for pork at grocery stores and on the export market. “The story remains one of a slow-to-move product market,” brokerage StoneX said in a note to clients. Cattle futures […] Read more

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