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On June 26th, according to foreign media reports, Canadian canola futures on the Intercontinental Exchange (ICE) closed higher on Thursday, with the benchmark contract rising 0.40%, mainly reflecting a rebound in international crude oil futures. An analyst stated that the modest rise in Canadian canola prices was primarily due to a rebound in West Texas Intermediate (WTI) crude oil prices after falling to $70 per barrel, which boosted commodity prices, including canola. Crude oil prices rose by more than $1 per barrel, and Chicago soybean oil and European canola oil prices also increased. However, Malaysian palm oil prices fell on the same day. Statistics Canada will release its canola planting area report next Tuesday. Analysts currently predict that the Canadian canola planting area this year will be between 22.1 million and 23 million acres.June 26 (Futures News) – According to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed higher on Thursday, with the benchmark contract rising 2.2%, following the rebound in the international crude oil market. International crude oil futures rebounded on Thursday as an attack on a cargo ship near Oman raised concerns about when Middle Eastern oil shipments would return to pre-war levels. The rebound in crude oil prices provided a strong boost to the Chicago soybean oil market. The U.S. Department of Agricultures weekly export sales report showed that for the week ending June 18, 2026, net sales of U.S. soybean oil for the 2025/26 marketing year were 900 tons, down 62% from the previous week and 47% from the four-week average.On June 26th, according to foreign media reports, soybean meal futures on the Chicago Board of Trade (CBOT) closed higher on Thursday, with the benchmark contract rising 1.6%, following gains in neighboring soybean and soybean oil markets. The rebound in international crude oil futures and the potential for high temperatures in the Midwest boosted Chicago soybean and soybean oil futures, providing a price support for the soybean meal market. The USDAs weekly export sales report showed that for the week ending June 18, 2026, net sales of U.S. soybean meal for the 2025/26 marketing year totaled 153,100 tons, down 46% from the previous week and 47% from the four-week average. Net sales for the 2026/27 marketing year were 29,200 tons, compared to 120,200 tons a week earlier.June 26 (Futures News) – According to foreign media reports, Chicago Board of Trade (CBOT) soybean futures closed higher on Thursday, with the benchmark contract rising 2%. This was mainly due to improved U.S. soybean export sales, a rebound in international crude oil futures, and the possibility of high temperatures in parts of the Midwest over the weekend, which boosted the relative price of soybean oil futures. The U.S. Department of Agricultures crop condition report released Monday showed that two-thirds of the U.S. corn and soybean crops were growing well or very well, reflecting favorable growing conditions in the Midwest. However, market attention shifted to the weather forecast for the coming week on Thursday. The National Oceanic and Atmospheric Administration (NOAA) predicts that temperatures could reach 100 degrees Fahrenheit (approximately 38 degrees Celsius) this weekend from the northern Midwest to the Carolinas in the East. Temperatures from the Great Plains to the Atlantic coast will be above average for this time of year, a situation expected to continue until July 4.Japans Tokyo unadjusted CPI rose 0% month-on-month in June, compared with 0.3% in the previous month.

USD/CAD sees bids near 1.3500 on a risk aversion theme, as oil looks to retake $80.00

Alina Haynes

Dec 28, 2022 11:24

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After slipping to about 1.3500 in the early Asian session, the USD/CAD pair has gained purchasing activity. The Canadian currency has risen as the risk-aversion theme takes pace over the tumultuous holiday week. After exhibiting a significant decrease on Tuesday, the major currency has shown signs of recovery as rising oil prices have boosted the Canadian Dollar.

 

Due to the absence of trustworthy triggers for decisive currency market changes, the risk profile is highly uncertain. In addition, the market sentiment was unaffected by China's decision to loosen restrictions on outbound tourists. On Tuesday, the S&P 500 remained under pressure as tech-savvy corporations under significant heat. The US Dollar Index (DXY) has gone flat near 103.80 after failing to surpass the crucial 104.00 resistance level.

 

In the meantime, the US Treasury bonds are affected by the risk aversion theme triggered by illiquid markets due to the holiday week. The yields on 10-year US Treasuries have increased to roughly 3.85%.

 

The Canadian Dollar hogged the focus on rising oil prices. West Texas Intermediate (WTI) futures have dipped little but have continued their upside trajectory and are forecast to recapture the critical resistance of $80.00 led by rising supply worries and China’s progress towards reopening of the economy despite a surge in Covid cases.

 

After Russian President Vladimir Putin signed an order restricting the sale of Russian oil to countries that implemented the oil price ceiling, supply concerns intensified.

 

Thomas M. Mertens, a researcher from the Economic Research Department of the Federal Reserve (Fed) Bank of San Francisco, created a recession predictor based on macroeconomic time series, especially the unemployed unemployment rate. He claimed that no forecasts today predict an approaching recession in the following two quarters. Moreover, the unemployment rate does not yet signal an imminent recession.


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