The Canadian markets were also closed on Monday. After the long weekend, canola saw solid gains overnight and added to the gains in the day session to close with strong gains. Support came from the gains in the crude oil and soybean oil markets. Support also came from heavy rains across the Canadian Prairies over the weekend that are slowing harvest. But gains were limited by the stronger Canadian dollar.
In Wednesday’s session canola traded mostly on the lower side overnight and then added to the losses in the day session to close lower. Pressure came from Stats Canada’s stocks report that showed July 31 canola stocks at 1.899 MMT vs. 1.597 MMT last July. For the old crop marketing year, Stats Canada reported canola industrial use (mostly crush) at 12.9 MMT, a new record, but exports were down 4.5% from the prior year at 9.0 MMT. Losses were limited by heavy rains that are slowing harvest in multiple areas of the Canadian Prairies. Manitoba reported their canola harvest at 15% complete.
On Thursday canola gapped higher at the start of the overnight session but soon turned lower. But the market was able to climb higher throughout the day session and closed with solid gains. Support came from the sharply higher crude oil market and the strong gains in the soybean complex. Slow harvest progress due to heavy rains in parts of the Canadian Prairies added support. Saskatchewan reported their canola harvest at 9% complete vs. 12% last year.
Thursday’s cash sunflower bids in Fargo were at $25.75. Cash canola bids in Fargo were at $25.65. Cash bids in Velva were at $25.55.
As of September 6, North Dakota’s canola coloring was at 96% vs. 93% last week and 96% average. Canola’s crop condition rating decreased 4% to 48% g/e, 37% fair, and 15% p/vp. Harvest was 48% complete vs. 33% last week and 44% average.
As of September 6, North Dakota’s sunflowers turning yellow were at 54% vs. 31% last week and 35% average. Sunflowers turning brown was 15% vs. 9% average. The sunflower crop condition rating was left unchanged at 45% g/e, 43% fair, and 12% p/vp.
For the week, Nov canola was at $817.20 down $5.30. Jan canola closed at $827.10 down $5.60.
Canola/Sunflower Weekly Comments September 11
Canola/Sunflower Weekly Comments September 11
The Canadian markets were also closed on Monday. After the long weekend, canola saw solid gains overnight and added to the gains in the day session to close with strong gains. Support came from the gains in the crude oil and soybean oil markets. Support also came from heavy rains across the Canadian Prairies over the weekend that are slowing harvest. But gains were limited by the stronger Canadian dollar.
In Wednesday’s session canola traded mostly on the lower side overnight and then added to the losses in the day session to close lower. Pressure came from Stats Canada’s stocks report that showed July 31 canola stocks at 1.899 MMT vs. 1.597 MMT last July. For the old crop marketing year, Stats Canada reported canola industrial use (mostly crush) at 12.9 MMT, a new record, but exports were down 4.5% from the prior year at 9.0 MMT. Losses were limited by heavy rains that are slowing harvest in multiple areas of the Canadian Prairies. Manitoba reported their canola harvest at 15% complete.
On Thursday canola gapped higher at the start of the overnight session but soon turned lower. But the market was able to climb higher throughout the day session and closed with solid gains. Support came from the sharply higher crude oil market and the strong gains in the soybean complex. Slow harvest progress due to heavy rains in parts of the Canadian Prairies added support. Saskatchewan reported their canola harvest at 9% complete vs. 12% last year.
Thursday’s cash sunflower bids in Fargo were at $25.75. Cash canola bids in Fargo were at $25.65. Cash bids in Velva were at $25.55.
As of September 6, North Dakota’s canola coloring was at 96% vs. 93% last week and 96% average. Canola’s crop condition rating decreased 4% to 48% g/e, 37% fair, and 15% p/vp. Harvest was 48% complete vs. 33% last week and 44% average.
As of September 6, North Dakota’s sunflowers turning yellow were at 54% vs. 31% last week and 35% average. Sunflowers turning brown was 15% vs. 9% average. The sunflower crop condition rating was left unchanged at 45% g/e, 43% fair, and 12% p/vp.
For the week, Nov canola was at $817.20 down $5.30. Jan canola closed at $827.10 down $5.60.