In Monday’s session canola traded mostly higher overnight and added to the gains in the day session to close sharply higher. Support came from the gains in the crude oil market, which spilled over to all of the vegetable oil markets. Gains were limited by forecasts for moderate temps and rains for most of the Canadian Prairies this week. Alberta’s canola crop is rated 50% g/e as of August 4, down 1% from the prior week.
On Tuesday canola traded on both sides of unchanged overnight but fell lower throughout the day session and closed solidly lower, erasing most of Monday’s gains. Pressure came from the losses in the soybean complex. Technical selling added pressure. Rains falling in the Canadian Prairies today also added to the losses.
In Wednesday’s session canola was higher overnight and added to the gains in the day session to close solidly higher and erased most of Tuesday’s losses. Support came from the strong gains in the soybean complex. The western Canadian Prairies are forecast to see moderate temps and rain while the eastern Prairies look to be warm and dry. Manitoba reported that their canola crop continues to develop at a rapid pace.
Canola traded on both sides of unchanged overnight but climbed higher in Thursday’s day session and closed with solid gains. Support came from technical buying and strong end user demand. Technical buying added support. Gains were limited by the losses in the crude and soybean oil markets. USDA increased their estimate of Canada’s canola production by 0.5 MMT to 22.5 MMT. Agriculture Canada’s current estimate is 21.0 MMT.
Thursday’s cash sunflower bids in Fargo were at $27.25. Cash canola bids in Fargo were at $26.45. Cash bids in Velva were at $25.02.
As of August 9, North Dakota’s canola coloring was at 74% vs. 56% last week and 64% average. Canola’s crop condition rating was unchanged at 56% g/e, 36% fair, and 6% p/vp.
As of August 9, North Dakota’s sunflower blooming was at 84% vs. 65% last week and 63% average. The sunflower crop condition rating decreased 3% to 40% g/e, 48% fair, and 12% p/vp.
For the week, Nov canola was at $818.90 up $39.10. Jan canola closed at $826.40 up $37.60.
Canola/Sunflower Weekly Comments August 14
Canola/Sunflower Weekly Comments August 14
In Monday’s session canola traded mostly higher overnight and added to the gains in the day session to close sharply higher. Support came from the gains in the crude oil market, which spilled over to all of the vegetable oil markets. Gains were limited by forecasts for moderate temps and rains for most of the Canadian Prairies this week. Alberta’s canola crop is rated 50% g/e as of August 4, down 1% from the prior week.
On Tuesday canola traded on both sides of unchanged overnight but fell lower throughout the day session and closed solidly lower, erasing most of Monday’s gains. Pressure came from the losses in the soybean complex. Technical selling added pressure. Rains falling in the Canadian Prairies today also added to the losses.
In Wednesday’s session canola was higher overnight and added to the gains in the day session to close solidly higher and erased most of Tuesday’s losses. Support came from the strong gains in the soybean complex. The western Canadian Prairies are forecast to see moderate temps and rain while the eastern Prairies look to be warm and dry. Manitoba reported that their canola crop continues to develop at a rapid pace.
Canola traded on both sides of unchanged overnight but climbed higher in Thursday’s day session and closed with solid gains. Support came from technical buying and strong end user demand. Technical buying added support. Gains were limited by the losses in the crude and soybean oil markets. USDA increased their estimate of Canada’s canola production by 0.5 MMT to 22.5 MMT. Agriculture Canada’s current estimate is 21.0 MMT.
Thursday’s cash sunflower bids in Fargo were at $27.25. Cash canola bids in Fargo were at $26.45. Cash bids in Velva were at $25.02.
As of August 9, North Dakota’s canola coloring was at 74% vs. 56% last week and 64% average. Canola’s crop condition rating was unchanged at 56% g/e, 36% fair, and 6% p/vp.
As of August 9, North Dakota’s sunflower blooming was at 84% vs. 65% last week and 63% average. The sunflower crop condition rating decreased 3% to 40% g/e, 48% fair, and 12% p/vp.
For the week, Nov canola was at $818.90 up $39.10. Jan canola closed at $826.40 up $37.60.