ICE weekly outlook: Canola in its own world, analyst says

ICE weekly outlook: Canola in its own world, analyst says

MarketsFarm — To market analyst Wayne Palmer of Exceed Grain, canola “has been in a world of its own for about the last month,” and he expects that will remain the case for some time

MarketsFarm — To market analyst Wayne Palmer of Exceed Grain, canola “has been in a world of its own for about the last month,” and he expects that will remain the case for some time

Canola, he explained, has generally done the opposite of the Chicago soy complex — which the Canadian oilseed normally follows

Canola, he explained, has generally done the opposite of the Chicago soy complex — which the Canadian oilseed normally follows

ICE canola’s May contract on Tuesday lost about $38 per tonne at one point, he noted, and while it regained a good amount of strength, closing with a $9 loss, the soy complex remained weaker.

ICE canola’s May contract on Tuesday lost about $38 per tonne at one point, he noted, and while it regained a good amount of strength, closing with a $9 loss, the soy complex remained weaker.

Also, he said, only the locals and the algorithms were playing the market — and commercials were not trading, for the most part

Also, he said, only the locals and the algorithms were playing the market — and commercials were not trading, for the most part

Going into spring planting, the analyst said the coming crop is based on a successful season with sufficient moisture to produce an average to above-average harvest. Canola, he emphasized, cannot afford another drought on the Canadian Prairies.

Going into spring planting, the analyst said the coming crop is based on a successful season with sufficient moisture to produce an average to above-average harvest. Canola, he emphasized, cannot afford another drought on the Canadian Prairies.

These prices are going to stay here, unless the whole picture changes. That means the war [in Ukraine] gets settled, North American gets a huge crop and you run the funds to the downside

These prices are going to stay here, unless the whole picture changes. That means the war [in Ukraine] gets settled, North American gets a huge crop and you run the funds to the downside