ICE canola weekly outlook: Uptrend intact despite selloff

ICE canola weekly outlook: Uptrend intact despite selloff

Nov canola holds above 20-day moving average

ICE Futures canola fell from contract highs as summer officially began and wild swings in outside markets weighed on values. However, support held to the downside and the uptrend remained intact ahead of a pair of key reports that could provide some nearby direction.








Close-up of the white granules of fertilizer pouring through the grate on an auger's hopper.

Middle Eastern turmoil uppends markets

The main impact on Western Canadian agriculture could be from increased input costs including diesel and fertilizer

The main impact of the conflict on Western Canadian agriculture will be from increased input costs.

An air seeder rig seeds red lentils on a sunny day, with a number of pillowy white clouds in the sky, southeast of Delisle, Saskatchewan.

Prairie weather could mean higher prices

Lack of rainfall is putting some snap into new crop canola contracts

Growers in all three Prairie provinces are very likely to be finished seeding this week, however, the benefits of seeding crops weeks early may be cancelled out by another dry summer.