Canola started the week trading back and forth in a choppy session and closed around unchanged. Support came from the gains in the soybean complex. But gains were limited by profit taking after last week’s strong gains. The US ag attaché in Ottawa estimates Canada’s canola production for this year at 20.1 MMT vs. Stats Canada’s current estimate of 19.2 MMT.
Tuesday’s session saw canola close with solid gains in all contracts. Canola was able to open the session firm and extend session gains, even in the face of a lower US soybean market. Late session support spilled over from the stronger US soybean oil contracts as well as from a late session recovery in the soybeans. The ongoing uncertainty in the war in Iran added support. Slow planting progress added support as cool wet conditions are expected to keep planters in the yards this week. A stronger crude oil market was the trifecta in support for canola.
Wednesday’s session saw canola climb higher throughout the session and closed with strong gains. Support came from the sharply higher soybean oil and crude oil markets. Increasing crush margins added support as margins increased another $9 yesterday. Technical buying added to the gains.
Canola traded back and forth in a choppy session Thursday and ended the day mixed with losses in the front months and gains in the new crop contracts. Support came from another day of strong gains in the soybean oil market. Support also came from very strong crush margins. Canada crushed 1.1 MMT of canola in March vs. 2.01 MMT the prior March. Profit taking limited gains.
Thursday’s cash sunflower bids in Fargo were at $24.00. Cash canola bids in Fargo were at $25.15 Cash bids in Velva were at $24.07.
As of April 26, North Dakota’s canola is 2% planted vs. 4% last year and 2% average.
For the week, May canola was at $745.60 up $16.90 while Nov canola was at $758.20 up $20.40.
For the month, May canola was up $20.80 while Nov canola was up $27.50.
Canola/Sunflower Weekly Comments May 1
Canola/Sunflower Weekly Comments May 1
Canola started the week trading back and forth in a choppy session and closed around unchanged. Support came from the gains in the soybean complex. But gains were limited by profit taking after last week’s strong gains. The US ag attaché in Ottawa estimates Canada’s canola production for this year at 20.1 MMT vs. Stats Canada’s current estimate of 19.2 MMT.
Tuesday’s session saw canola close with solid gains in all contracts. Canola was able to open the session firm and extend session gains, even in the face of a lower US soybean market. Late session support spilled over from the stronger US soybean oil contracts as well as from a late session recovery in the soybeans. The ongoing uncertainty in the war in Iran added support. Slow planting progress added support as cool wet conditions are expected to keep planters in the yards this week. A stronger crude oil market was the trifecta in support for canola.
Wednesday’s session saw canola climb higher throughout the session and closed with strong gains. Support came from the sharply higher soybean oil and crude oil markets. Increasing crush margins added support as margins increased another $9 yesterday. Technical buying added to the gains.
Canola traded back and forth in a choppy session Thursday and ended the day mixed with losses in the front months and gains in the new crop contracts. Support came from another day of strong gains in the soybean oil market. Support also came from very strong crush margins. Canada crushed 1.1 MMT of canola in March vs. 2.01 MMT the prior March. Profit taking limited gains.
Thursday’s cash sunflower bids in Fargo were at $24.00. Cash canola bids in Fargo were at $25.15 Cash bids in Velva were at $24.07.
As of April 26, North Dakota’s canola is 2% planted vs. 4% last year and 2% average.
For the week, May canola was at $745.60 up $16.90 while Nov canola was at $758.20 up $20.40.
For the month, May canola was up $20.80 while Nov canola was up $27.50.