Canola fell lower throughout all of Monday’s session and closed sharply lower. A cooling of hostilities between the US and Iran over the weekend sent crude oil sharply lower and that then pulled the vegetable oil markets lower. Profit taking after last week’s strong gains added pressure. Heat warnings are in effect for the southern Canadian Prairies, but that was offset by forecasts for widespread rains. As of July 21, Alberta’s canola crop was rated 54% g/e, down 2% from the prior week.
Canola traded mostly on the lower side in Tuesday’s choppy session and closed solidly lower. Another day of losses in the crude oil market pressured all the vegetable oil markets. Technical selling added pressure. But losses were limited by hot temps in the southern Canadian Prairies. A crush plant in Saskatchewan is currently offering cash bids that are $25 per tonne higher than Nov. futures as old crop supplies dwindle.
In Wednesday’s session canola saw gains overnight but fell lower throughout the day session and closed solidly lower. Overnight gains spilled over from the strong gains in the crude oil market. Day session pressure came from the sharply lower soybean complex. Losses were limited by weather concerns as much of the Canadian Prairies are under heat warnings.
On Thursday canola was lower for the first part of the overnight session before turning higher. The market traded on both sides of unchanged in the day session and closed with small losses. Pressure came from speculative selling and the losses in the soybean complex. Losses were limited by production concerns in the western Canadian Prairies. Canada crushed 1.17 MMT of canola in June vs. 856,000 MT last June. Marketing year to date crush is at 11.4 MMT vs. 10.4 MMT at the same time last year.
Thursday’s cash sunflower bids in Fargo were at $28.50. Cash canola bids in Fargo were at $26.85. Cash bids in Velva were at $25.74.
For the week, Nov canola was at $758.20 down $66.70. Jan canola closed at $767.50 down $66.10.
For the month, Nov canola was up $22.90. Jan canola closed up $23.60.
Canola/Sunflower Weekly Comments July 31
Canola/Sunflower Weekly Comments July 31
Canola fell lower throughout all of Monday’s session and closed sharply lower. A cooling of hostilities between the US and Iran over the weekend sent crude oil sharply lower and that then pulled the vegetable oil markets lower. Profit taking after last week’s strong gains added pressure. Heat warnings are in effect for the southern Canadian Prairies, but that was offset by forecasts for widespread rains. As of July 21, Alberta’s canola crop was rated 54% g/e, down 2% from the prior week.
Canola traded mostly on the lower side in Tuesday’s choppy session and closed solidly lower. Another day of losses in the crude oil market pressured all the vegetable oil markets. Technical selling added pressure. But losses were limited by hot temps in the southern Canadian Prairies. A crush plant in Saskatchewan is currently offering cash bids that are $25 per tonne higher than Nov. futures as old crop supplies dwindle.
In Wednesday’s session canola saw gains overnight but fell lower throughout the day session and closed solidly lower. Overnight gains spilled over from the strong gains in the crude oil market. Day session pressure came from the sharply lower soybean complex. Losses were limited by weather concerns as much of the Canadian Prairies are under heat warnings.
On Thursday canola was lower for the first part of the overnight session before turning higher. The market traded on both sides of unchanged in the day session and closed with small losses. Pressure came from speculative selling and the losses in the soybean complex. Losses were limited by production concerns in the western Canadian Prairies. Canada crushed 1.17 MMT of canola in June vs. 856,000 MT last June. Marketing year to date crush is at 11.4 MMT vs. 10.4 MMT at the same time last year.
Thursday’s cash sunflower bids in Fargo were at $28.50. Cash canola bids in Fargo were at $26.85. Cash bids in Velva were at $25.74.
For the week, Nov canola was at $758.20 down $66.70. Jan canola closed at $767.50 down $66.10.
For the month, Nov canola was up $22.90. Jan canola closed up $23.60.