WINNIPEG--The ICE Futures canola market was weaker for the second session in a row on Wednesday, and thin volumes exaggerated the move as investors liquidated long positions. While hot and dry Prairie weather conditions remain a supportive influence, those drought concerns have been largely priced into the market already. Traders are thought to be waiting to get a better handle on the size of this year's crop.
WINNIPEG, Manitoba--The ICE Futures canola market was weaker at midday Wednesday in thin and choppy activity. The market was holding range-bound overall, with traders waiting to get a better handle on the size of this year's crop. While hot and dry Prairie weather conditions remain a supportive influence, those drought concerns have been largely priced into the market already, according to a trader.
The ICE Futures canola market was weaker Wednesday morning, seeing some follow-through selling after Tuesday's late turn lower. Speculative positioning was a feature, with the underlying fundamentals still supportive for canola. Scattered thunderstorm activity was bringing moisture to some dry areas of the Prairies, although the forecasts remain hot and dry overall with any moisture at this stage unlikely to do much to help drought-stricken crops.
U.S. agricultural commodities trader Bunge Ltd (BG) raised its full-year adjusted profit outlook on Wednesday after stronger-than-expected food and renewable fuel demand for its vegetable oils drove a 41% jump in quarterly income.
ADM Being Choosy on Deals, CEO Says-- Market Talk. 1024 ET- Archer Daniels Midland has been relatively quiet on the deal front lately, and CEO Juan Luciano says it's because the agricultural company's being selective as valuations for crop processing and food ingredient companies remain very high. "It needs to be a perfect fit into our portfolio, and the perfect combination of things," Luciano says.
WINNIPEG, Manitoba--The ICE Futures canola market settled with small losses on Tuesday after posting gains for most of the session. Hot and dry Prairie forecasts provided underlying support, but those weather concerns have been priced into the market for some time and canola ran into resistance. Production is generally expected to be down sharply on the year, but the extent of the reduction remains to be seen which was keeping some caution in the market.
Argentine farmers have sold 25.8 million tonnes of soybeans from the current 2020/21 crop year, after transactions were recorded over the last week for 747,600 tonnes, the Agriculture Ministry said on Tuesday in a report with data through July 21. The pace of soy crop sales is behind that of the previous season.
WINNIPEG--The ICE Futures canola market was stronger at midday Tuesday, as hot and dry Prairie weather provided support. Forecasts over the next week show only minimal chance of precipitation, with hot temperatures likely to keep cutting into yield prospects. Production is generally expected to be down sharply on the year, although the extent of the reduction remains to be seen.
The ICE Futures canola market was stronger Tuesday morning, seeing a continuation of Monday's late turn higher. Continued concerns over drought conditions cutting into the size of the Canadian crop, along with uncertainty over how much demand will need to be rationed going forward, remained supportive. Forecasts over the next week remain hot across most of the Prairies, with only minimal precipitation expected.
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