crude oil Archives

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

Columns, Home Quarter Investing, Markets

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

By Herman VanGenderen February 23, 2024

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

Markets

ICE Canada weekly outlook: Markets to react to Nvidia earnings report

Tech giant, while unrelated to crops, asserts gravitational pull on markets

By GFM Network News February 21, 2024

The path canola as well as other commodities will very likely be determined by the latest earnings report from technology giant, Nvidia, according to analyst Errol Anderson of Errol’s Commodity Wire in Calgary, Alta.

General, Markets

Volatile oil market most likely to improve says analyst

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

By GFM Network News January 9, 2024

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.

Crops, Markets

ICE weekly outlook: Funds in control of market – for now

Spec funds were keeping a close eye on the weather in Brazil says analyst

By GFM Network News November 15, 2023

With a record short position in canola, managed money is largely in control of the market according to analyst Wayne Palmer of Exceed Grain in Winnipeg.

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

Canola, Crops, Markets

ICE weekly outlook: Soy complex supporting canola

'Canola has been largely pulled up'

By GFM Network News November 9, 2023

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)

Crops, Markets, Reuters

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

Strong demand in U.S. supports CBOT soybeans

By Tom Polansek, GFM Network News October 19, 2023

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)

Livestock, Markets, Reuters

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

Lean hog futures mostly also lower

By GFM Network News October 14, 2023

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)

Canola, Crops, Markets

ICE weekly outlook: Canola looking for a spark

Recent declines in crude oil, diesel seen as bearish

By Phil Franz-Warkentin, GFM Network News October 5, 2023

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)

Crops, Markets, Weather

CBOT weekly outlook: Soy, corn trade watch harvest weather

USDA to publish quarterly stocks data Friday

By Phil Franz-Warkentin, GFM Network News September 27, 2023

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)

General, Machinery, Markets, Reuters

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

Saudi Arabia, Russia 'in solid control'

By GFM Network News September 19, 2023

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

U.S. livestock: Feeder cattle extend rally to new highs

U.S. grains: Corn rises after setting contract lows on favorable US crop prospects

CBOT weekly: USDA/weather in focus for corn and soybeans

GFM Network News