To start the week canola shot higher at the start of the overnight session but then pulled back. The market started climbing higher throughout the day session and closed with strong gains. The sharply higher crude oil market supported all of the vegetable oil markets. Excessive heat in Manitoba and Saskatchewan added support. China has started to allow private crushers to import Australian canola. Current prices have Canadian canola competitive with Australian canola.
In Tuesday’s session canola saw small losses overnight and added to the losses in the day session to close solidly lower. Profit taking after Monday’s strong gains pressured canola. The lower soybean complex added to the losses. Cooler temps also added pressure as heat warnings for Manitoba and Saskatchewan expired. The stronger Canadian dollar (up half a cent) also added to the losses.
Canola saw small gains for the first part of the overnight session before climbing higher and closing sharply higher on Wednesday. Support spilled over from the gains in the soybean complex on a surprisingly friendly NOPA report. Weather concerns added support as while the heatwave in Canada is breaking, temps are still forecast to be above average. In this week’s crop report, Manitoba reported that the recent heat has stressed crops in some parts of the province but has also helped fields dry out after recent heavy rains.
In Thursday’s session canola was lower for the first part of the overnight session before turning higher. But the market faded in the day session and canola closed solidly lower. Early support came from the higher crude oil market. But day session losses in the soybean complex helped to pull canola lower. Losses were limited by weather concerns as parts of the Canadian Prairies have dealt with excessive rains and/or excessive heat. As of July 13, Saskatchewan’s canola crop was rated 77% g/e, down 2% from 2 weeks ago.
Thursday’s cash sunflower bids in Fargo were at $27.00. Cash canola bids in Fargo were at $27.10. Cash bids in Velva were at $25.62.
For the week, Nov canola was at $794.50 up $16.90. Jan canola closed at $803.80 up $16.80.
Canola/Sunflower Weekly Comments July 17
Canola/Sunflower Weekly Comments July 17
To start the week canola shot higher at the start of the overnight session but then pulled back. The market started climbing higher throughout the day session and closed with strong gains. The sharply higher crude oil market supported all of the vegetable oil markets. Excessive heat in Manitoba and Saskatchewan added support. China has started to allow private crushers to import Australian canola. Current prices have Canadian canola competitive with Australian canola.
In Tuesday’s session canola saw small losses overnight and added to the losses in the day session to close solidly lower. Profit taking after Monday’s strong gains pressured canola. The lower soybean complex added to the losses. Cooler temps also added pressure as heat warnings for Manitoba and Saskatchewan expired. The stronger Canadian dollar (up half a cent) also added to the losses.
Canola saw small gains for the first part of the overnight session before climbing higher and closing sharply higher on Wednesday. Support spilled over from the gains in the soybean complex on a surprisingly friendly NOPA report. Weather concerns added support as while the heatwave in Canada is breaking, temps are still forecast to be above average. In this week’s crop report, Manitoba reported that the recent heat has stressed crops in some parts of the province but has also helped fields dry out after recent heavy rains.
In Thursday’s session canola was lower for the first part of the overnight session before turning higher. But the market faded in the day session and canola closed solidly lower. Early support came from the higher crude oil market. But day session losses in the soybean complex helped to pull canola lower. Losses were limited by weather concerns as parts of the Canadian Prairies have dealt with excessive rains and/or excessive heat. As of July 13, Saskatchewan’s canola crop was rated 77% g/e, down 2% from 2 weeks ago.
Thursday’s cash sunflower bids in Fargo were at $27.00. Cash canola bids in Fargo were at $27.10. Cash bids in Velva were at $25.62.
For the week, Nov canola was at $794.50 up $16.90. Jan canola closed at $803.80 up $16.80.