Canola slowly climbed higher throughout Tuesday’s session and closed with solid gains after closing with small losses on Monday when the US markets were closed. Support came from the gains in the soybean complex. Tight supplies and strong demand supported the old crop July contract. Concerns about dry conditions in parts of the Canadian Prairies added support.
Canola traded on the lower side for most of Wednesday’s session and closed solidly lower. Pressure came from the lower soybean complex as well as rains in the forecast for the Canadian Prairies next week. The weaker Canadian dollar and tight supplies of canola limited losses. Manitoba’s canola planting is now at 76% complete while their sunflower crop is 83% planted. Drier conditions have helped speed up planting progress.
In Thursday’s session canola traded back and forth in a choppy session but found strength late in the day session and closed with decent gains. Support came from very tight supplies and dry conditions in the western Canadian Prairies (although rain is in the forecast for next week). Gains were limited by the losses in the soybean oil market and the stronger Canadian dollar. Saskatchewan reported their canola planting at 83% complete.
Thursday’s cash sunflower bids in Fargo were at $28.65. Cash canola bids in West Fargo were at $22.65. Cash canola bids in Velva were at $21.37.
As of May 25, 24% of the nation’s sunflower crop was planted vs. 13% last week and 18% average. 36% of North Dakota’s sunflowers had been planted vs. 19% last week and 23% average.
As of May 25, 54% of North Dakota’s canola had been planted vs. 40% last week and 51% average. Emergence was at 22% vs. 14% average.
For the week, July canola was at $711.10 down $9.70. Nov canola was at $688.60 up 30 cents.
For the month, July canola was up $18.70. Nov canola was up $38.50.
Canola/Sunflower Weekly Comments May 30
Canola/Sunflower Weekly Comments May 30
Canola slowly climbed higher throughout Tuesday’s session and closed with solid gains after closing with small losses on Monday when the US markets were closed. Support came from the gains in the soybean complex. Tight supplies and strong demand supported the old crop July contract. Concerns about dry conditions in parts of the Canadian Prairies added support.
Canola traded on the lower side for most of Wednesday’s session and closed solidly lower. Pressure came from the lower soybean complex as well as rains in the forecast for the Canadian Prairies next week. The weaker Canadian dollar and tight supplies of canola limited losses. Manitoba’s canola planting is now at 76% complete while their sunflower crop is 83% planted. Drier conditions have helped speed up planting progress.
In Thursday’s session canola traded back and forth in a choppy session but found strength late in the day session and closed with decent gains. Support came from very tight supplies and dry conditions in the western Canadian Prairies (although rain is in the forecast for next week). Gains were limited by the losses in the soybean oil market and the stronger Canadian dollar. Saskatchewan reported their canola planting at 83% complete.
Thursday’s cash sunflower bids in Fargo were at $28.65. Cash canola bids in West Fargo were at $22.65. Cash canola bids in Velva were at $21.37.
As of May 25, 24% of the nation’s sunflower crop was planted vs. 13% last week and 18% average. 36% of North Dakota’s sunflowers had been planted vs. 19% last week and 23% average.
As of May 25, 54% of North Dakota’s canola had been planted vs. 40% last week and 51% average. Emergence was at 22% vs. 14% average.
For the week, July canola was at $711.10 down $9.70. Nov canola was at $688.60 up 30 cents.
For the month, July canola was up $18.70. Nov canola was up $38.50.