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Canola, Crops, Markets

Canola futures testing chart resistance

November canola briefly topped $480 Monday

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MarketsFarm — Recent price activity in the ICE Futures canola market has been bullish from a technical standpoint, with the futures poised for a break higher if the rally can be sustained. After trading at a low of $468.10 per tonne in late June, the November canola contract rallied to briefly trade above the psychological […] Read more
Crops, Reuters

China says could take more action against Canada

Ottawa and allies 'kicking against the pricks,' foreign ministry says

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Beijing | Reuters — China said on Monday it reserved the right to take more action after Canada suspended its extradition treaty with Hong Kong and said efforts to pressure Beijing were “doomed to fail like kicking against the pricks.” Chinese foreign ministry spokesman Zhao Lijian made the remarks about the potential for more action […] Read more
Canola, Crops, Markets

ICE weekly outlook: Canola stronger after Canada Day

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MarketsFarm — Canola contracts have made small gains this week after pausing on Wednesday for Canada Day. As the July canola contract has expired, attention turns to new-crop contracts. Areas of the Prairies have received significant rain lately, with flood warnings and high water advisories across southwestern and western Manitoba after several consecutive storms. It’s […] Read more
Crops, Markets, Weather

Attention turns to yield potential after StatsCan report

Future tweaks to acreage numbers seen as unlikely to sway markets

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MarketsFarm — Updated acreage estimates from Statistics Canada came largely within market expectations, with the focus now shifting to growing conditions and yield potential. The survey was completed in early June “and may not have captured all of the seeding delays and potential shifts that may have happened in central/northern Alberta and northwestern Saskatchewan because […] Read more
Crops, Markets, Reuters, Weather

StatsCan survey shows bump up in wheat acres, particularly durum

Farmers back off canola, soybeans; pandemic expected to cause other problems for ag

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Ottawa | Reuters — Canadian farmers planted slightly more wheat overall in 2020 than in 2019, but the coronavirus outbreak will pose “unique challenges” in the production and distribution of crops, Statistics Canada said on Monday. Farmers planted 25 million acres of wheat, up 1.5 per cent from 2019, thanks in part to a 16.2 […] Read more
Crops, Markets, Weather

Canola area expected to be lower in Monday’s StatsCan report

Later-seeded areas expected to add pulse, barley, durum acres

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MarketsFarm — Market participants generally expect canola acreage will be revised downward in a second acreage estimate due out Monday from Statistics Canada. “There’s a lot of uncertainty about canola acres,” Ken Ball of P.I. International in Winnipeg said, noting acreage was “definitely lost” in central and northern Alberta due to wet spring conditions. In […] Read more
Canola, Crops, Markets

ICE weekly outlook: Canola mixed at midweek

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MarketsFarm — Canola contracts have stayed locked in a pattern for the past few trading sessions, with the July contract posting small gains and new crop year contracts showing losses. That’s mainly due to traders positioning ahead of July’s expiry date. “It’s not uncommon for the July expiry to see some spreads swing around,” said […] Read more
Crops, Markets

Little change seen in June’s crop supply/demand tables

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MarketsFarm — Supply/demand estimates for Canada’s major crops saw little change in updated tables released Tuesday from Agriculture and Agri-Food Canada. Acreage estimates from Statistics Canada are due out June 30, and should lead to more sizeable adjustments in subsequent reports. Canola ending stocks were left unchanged at 2.6 million tonnes for the current marketing […] Read more
Canola, Crops, Reuters

Huawei CFO’s extradition hearing to stretch into 2021

Judge approves extended schedule sought by lawyers

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Reuters — Hearings on Huawei chief financial officer Meng Wanzhou’s extradition to the U.S. from Canada will extend into late April 2021, according to documents released by a British Columbia court on Tuesday. Meng was arrested in December 2018 by Canadian authorities at the Vancouver International Airport on a U.S. warrant from the charging her […] Read more

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