To start the week canola slowly climbed higher throughout the overnight session and then held those gains in the day session to close with strong gains. Support spilled over from the sharply higher soybean oil and crude oil markets. Technical buying added support. As of May 26, Alberta’s canola crop was 61% planted vs. 31% last week. In world news, Ukraine estimates this year’s sunflower production at 13.3 MMT vs. 11.1 MMT last year and rapeseed production at 3.4 MMT vs. 3.2 MMT last year.
In Tuesday’s session canola traded back and forth on both sides of unchanged and closed mixed with small gains in the July contract and losses in the rest of the contracts. Technical selling and the losses in the soybean complex pressured canola. Rains in the forecast for Saskatchewan and Manitoba added pressure. Manitoba reported all spring crop planting at 71% complete vs. 85% average and canola planting at approximately 60% complete.
Canola climbed higher throughout Wednesday’s session and closed sharply higher. Canola is sitting at new contract highs. Support came from the gains in the crude oil market, which spilled over to all of the vegetable oil markets. Parts of Alberta received 4 to 6 inches of rain over the past 3 days, drowning out fields and halting planting. That and slow planting pace throughout the Prairies added support.
Canola fell lower throughout Thursday’s session and gave up most of Wednesday’s strong gains. Pressure came from the losses in the crude oil market and the sharply lower soybean complex. As of June 1, 80% of Saskatchewan’s spring crops were planted vs. 52% last week, 97% last year, and 91% average. Canola planting was 73% complete. Saskatchewan’s canola crop condition rating was 89% g/e, 9% fair, and 2% p/vp.
Thursday’s cash sunflower bids in Fargo were at $24.25. Cash canola bids in Fargo were at $25.75. Cash bids in Velva were at $24.63.
For the week, July canola was at $757.00 down $3.90 while Nov canola was at $764.20 down $8.50.
Canola/Sunflower Weekly Comments June 5
Canola/Sunflower Weekly Comments June 5
To start the week canola slowly climbed higher throughout the overnight session and then held those gains in the day session to close with strong gains. Support spilled over from the sharply higher soybean oil and crude oil markets. Technical buying added support. As of May 26, Alberta’s canola crop was 61% planted vs. 31% last week. In world news, Ukraine estimates this year’s sunflower production at 13.3 MMT vs. 11.1 MMT last year and rapeseed production at 3.4 MMT vs. 3.2 MMT last year.
In Tuesday’s session canola traded back and forth on both sides of unchanged and closed mixed with small gains in the July contract and losses in the rest of the contracts. Technical selling and the losses in the soybean complex pressured canola. Rains in the forecast for Saskatchewan and Manitoba added pressure. Manitoba reported all spring crop planting at 71% complete vs. 85% average and canola planting at approximately 60% complete.
Canola climbed higher throughout Wednesday’s session and closed sharply higher. Canola is sitting at new contract highs. Support came from the gains in the crude oil market, which spilled over to all of the vegetable oil markets. Parts of Alberta received 4 to 6 inches of rain over the past 3 days, drowning out fields and halting planting. That and slow planting pace throughout the Prairies added support.
Canola fell lower throughout Thursday’s session and gave up most of Wednesday’s strong gains. Pressure came from the losses in the crude oil market and the sharply lower soybean complex. As of June 1, 80% of Saskatchewan’s spring crops were planted vs. 52% last week, 97% last year, and 91% average. Canola planting was 73% complete. Saskatchewan’s canola crop condition rating was 89% g/e, 9% fair, and 2% p/vp.
Thursday’s cash sunflower bids in Fargo were at $24.25. Cash canola bids in Fargo were at $25.75. Cash bids in Velva were at $24.63.
For the week, July canola was at $757.00 down $3.90 while Nov canola was at $764.20 down $8.50.