Oil inventories remain low, but recession fears leading to price declines continue to permeate the market.

How did 2023’s economic and market predictions turn out?

Predictions are often made but their accuracy never evaluated, yet this is an important step

For the past seven years in my newsletter, I have made annual “Fearless Predictions.” I also summarize predictions from the investment industry. The last chapter of my book, titled “If I claim to be a wise man…it surely means that I don’t know,” launched my annual prediction exercise, largely to poke fun at the process. […] Read more



Photo: File

Volatile oil market most likely to improve says analyst 

Israel-Gaza war, Red Sea attacks having less impact than expected

As the global oil market continued to ready itself for 2024, one analyst stated it’s more likely prices will increase than to drop further. Phil Flynn of the Price Futures Group in Chicago said one’s outlook on crude oil is predicated on their economic view. 



ICE January 2024 canola with 20-day moving average (yellow line, right column) and CBOT January 2024 soybeans (green line, left column). (Barchart)

ICE weekly outlook: Soy complex supporting canola

'Canola has been largely pulled up'

MarketsFarm — Amid falling crude oil prices, canola prices are staying strong, largely due to the Chicago soy complex, according to a Calgary analyst. Errol Anderson of ProMarket Communications has been impressed with canola’s recent rise. The January contract on ICE Futures was as low at $672 per tonne on Nov. 2 before rising to […] Read more

CBOT December 2023 corn with 20-, 50- and 100-day moving averages. (Barchart)

U.S. grains: Corn futures rally to August high

Strong demand in U.S. supports CBOT soybeans

Chicago | Reuters — U.S. corn futures rallied above US$5 a bushel to their highest level since August on Thursday, while soybean futures touched a four-week high. The gains came as farmers are in the middle of harvesting their crops, a time when the influx of fresh supplies normally pressures prices. A severe drought that […] Read more


CME December 2023 live cattle with 20- and 50-day moving averages and ICE December 2023 Brent crude (black line, left column). (Barchart)

U.S. livestock: Cattle retreat as energy rally dents beef demand outlook

Lean hog futures mostly also lower

Chicago | Reuters — Chicago Mercantile Exchange cattle futures fell on Friday as traders banked profits and squared positions ahead of the weekend as geopolitical turmoil riled energy markets and stoked concerns about beef demand. Crude oil rallied more than five per cent on Friday on the escalating Middle East conflict as the Israeli military […] Read more

ICE November 2023 canola with 20-, 50- and 100-day moving averages. (Barchart)

ICE weekly outlook: Canola looking for a spark

Recent declines in crude oil, diesel seen as bearish

MarketsFarm — The ICE Futures canola market hit its lowest levels in three months on the last trading day of September but has since uncovered some support in the first days of October. Canola “has found a level where it’s stabilized, but there’s not a lot of life right now,” said Ken Ball of PI […] Read more


File photo of a Wyoming corn crop. (RiverNorthPhotography/iStock/Getty Images)

CBOT weekly outlook: Soy, corn trade watch harvest weather

USDA to publish quarterly stocks data Friday

MarketsFarm — Harvest operations for soybeans and corn are in their early stages, with seasonal selling pressure likely to limit any upside potential in the futures markets over the next few weeks. However, both commodities have found nearby support on the other side keeping values rangebound overall. The U.S. soybean harvest was 12 per cent […] Read more

Brent November 2023 crude oil with 20-day moving average (black line) and West Texas intermediate November 2023 crude oil (blue line). (Barchart)

Will oil hit US$100? It already did in some markets

Saudi Arabia, Russia 'in solid control'

London | Reuters –– With oil investors and traders focused on an oil-price rally that has come close to US$100 a barrel, some grades of crude oil are already trading above that milestone, highlighting an expectation of tight supply. The outright price of Nigerian crude Qua Iboe surpassed $100 a barrel on Monday, according to […] Read more