To start the week canola jumped about $4.00 higher at the start of the overnight session and added to the gains in the day session to close with strong gains. Support came from the sharply higher soybean oil market, as well as from the gains in the Malaysian palm oil and European rapeseed markets. Gains were limited by rains in the forecast for the Canadian Prairies. Alberta rated their canola crop at 60% g/e.
In Tuesday’s session canola traded on both sides of unchanged overnight but climbed higher in the day session and closed with decent gains. Technical buying supported canola. Gains were limited by the losses in the soybean oil market. Ahead of June 30’s USDA acreage report, US canola groups expect US canola acres to set a new record (beating the old record of 2.7 million). ND is expected to plant a record number of acres and winter canola is gaining traction in the Delta states.
Canola traded back and forth in a very choppy session on Wednesday and closed lower. Pressure came from the losses in the crude oil market, which spilled over to the vegetable oil markets. Tighter crush margins added pressure. Losses were limited by the weaker Canadian dollar. Manitoba reported that all spring crop planting is 97% complete vs. 100% average. But canola planting is only 85% complete in the NW part of the province.
On Thursday canola dropped lower at the start of the overnight session but got back on the positive side in the day session and closed with decent gains. Overnight pressure came from the lower world vegetable oil markets. But the gains in the soybean complex in the day session pulled canola higher. There will be another round of trade talks between Canada and China this fall. China’s remaining tariffs on Canadian canola will be discussed.
Thursday’s cash sunflower bids in Fargo were at $25.00. Cash canola bids in Fargo were at $24.00. Cash bids in Velva were at $22.84.
For the week, July canola was at $734.80 up $8.10 while Nov canola was at $744.50 up $11.40.
Canola/Sunflower Weekly Comments June 26
Canola/Sunflower Weekly Comments June 26
To start the week canola jumped about $4.00 higher at the start of the overnight session and added to the gains in the day session to close with strong gains. Support came from the sharply higher soybean oil market, as well as from the gains in the Malaysian palm oil and European rapeseed markets. Gains were limited by rains in the forecast for the Canadian Prairies. Alberta rated their canola crop at 60% g/e.
In Tuesday’s session canola traded on both sides of unchanged overnight but climbed higher in the day session and closed with decent gains. Technical buying supported canola. Gains were limited by the losses in the soybean oil market. Ahead of June 30’s USDA acreage report, US canola groups expect US canola acres to set a new record (beating the old record of 2.7 million). ND is expected to plant a record number of acres and winter canola is gaining traction in the Delta states.
Canola traded back and forth in a very choppy session on Wednesday and closed lower. Pressure came from the losses in the crude oil market, which spilled over to the vegetable oil markets. Tighter crush margins added pressure. Losses were limited by the weaker Canadian dollar. Manitoba reported that all spring crop planting is 97% complete vs. 100% average. But canola planting is only 85% complete in the NW part of the province.
On Thursday canola dropped lower at the start of the overnight session but got back on the positive side in the day session and closed with decent gains. Overnight pressure came from the lower world vegetable oil markets. But the gains in the soybean complex in the day session pulled canola higher. There will be another round of trade talks between Canada and China this fall. China’s remaining tariffs on Canadian canola will be discussed.
Thursday’s cash sunflower bids in Fargo were at $25.00. Cash canola bids in Fargo were at $24.00. Cash bids in Velva were at $22.84.
For the week, July canola was at $734.80 up $8.10 while Nov canola was at $744.50 up $11.40.