In Monday’s session canola traded mostly on the higher side in a choppy session and closed with solid gains. Support came from the gains in the crude oil market and the soybean complex. Canada’s slow moving canola harvest added support. And the Canadian Prairies saw another round of rain today. As of Sept 8, Alberta’s canola harvest was 2.4% complete. Like Saskatchewan and Manitoba, harvest has been slow due to excessive rains. Alberta’s harvest of all spring crops is 21% complete vs. 44% average.
On Tuesday, canola traded lower overnight but saw gains throughout the day session and closed solidly higher. Support came from the strong gains in the crude oil and soybean markets. Support also came from slow harvest progress. Alberta is seeing rain today. Manitoba’s canola harvest is 36% complete. Yields are coming in below average to average. Stats Canada will release their updated production estimates tomorrow morning.
In Wednesday’s session canola saw gains overnight but drifted lower in the day session and closed with losses. Pressure came from the losses in the crude oil and soybean oil markets. Stats Canada’s higher than expected canola production estimate added pressure. Canola yield is expected to decrease 8.3% from last year to 41.8 bu. but harvested acres are estimated at 23.2 million, up 8.0% from last year. That put production at 22.1 MMT, quite a bit higher than the average trade estimate of 21.65 MMT but close to last year’s 22.2 MMT. USDA’s current estimate is 22.5 MMT.
On Thursday canola was mostly higher overnight, turned lower in the day session, but climbed higher late in the day session to close with solid gains. Technical buying and the weaker Canadian dollar supported canola. Gains were limited by the lower soybean oil market. Saskatchewan’s canola harvest is 15% complete as of Sept 14 vs. 21% complete at the same time last year.
Thursday’s cash sunflower bids in Fargo were at $26.25. Cash canola bids in Fargo were at $25.00. Cash bids in Velva were at $25.13.
As of September 13, North Dakota’s canola harvest was 63% complete vs. 48% last week and 57% average.
As of September 13, North Dakota’s sunflowers turning yellow were at 61% vs. 54% last week and 54% average. Sunflowers turning brown were at 30% vs. 15% last week and 18% average. The sunflower crop condition rating decreased 1% to 44% g/e, 42% fair, and 14% p/vp.
For the week, Nov canola was at $822.30 up $5.10. Jan canola closed at $833.00 up $5.90.
Canola/Sunflower Weekly Comments September 18
Canola/Sunflower Weekly Comments September 18
In Monday’s session canola traded mostly on the higher side in a choppy session and closed with solid gains. Support came from the gains in the crude oil market and the soybean complex. Canada’s slow moving canola harvest added support. And the Canadian Prairies saw another round of rain today. As of Sept 8, Alberta’s canola harvest was 2.4% complete. Like Saskatchewan and Manitoba, harvest has been slow due to excessive rains. Alberta’s harvest of all spring crops is 21% complete vs. 44% average.
On Tuesday, canola traded lower overnight but saw gains throughout the day session and closed solidly higher. Support came from the strong gains in the crude oil and soybean markets. Support also came from slow harvest progress. Alberta is seeing rain today. Manitoba’s canola harvest is 36% complete. Yields are coming in below average to average. Stats Canada will release their updated production estimates tomorrow morning.
In Wednesday’s session canola saw gains overnight but drifted lower in the day session and closed with losses. Pressure came from the losses in the crude oil and soybean oil markets. Stats Canada’s higher than expected canola production estimate added pressure. Canola yield is expected to decrease 8.3% from last year to 41.8 bu. but harvested acres are estimated at 23.2 million, up 8.0% from last year. That put production at 22.1 MMT, quite a bit higher than the average trade estimate of 21.65 MMT but close to last year’s 22.2 MMT. USDA’s current estimate is 22.5 MMT.
On Thursday canola was mostly higher overnight, turned lower in the day session, but climbed higher late in the day session to close with solid gains. Technical buying and the weaker Canadian dollar supported canola. Gains were limited by the lower soybean oil market. Saskatchewan’s canola harvest is 15% complete as of Sept 14 vs. 21% complete at the same time last year.
Thursday’s cash sunflower bids in Fargo were at $26.25. Cash canola bids in Fargo were at $25.00. Cash bids in Velva were at $25.13.
As of September 13, North Dakota’s canola harvest was 63% complete vs. 48% last week and 57% average.
As of September 13, North Dakota’s sunflowers turning yellow were at 61% vs. 54% last week and 54% average. Sunflowers turning brown were at 30% vs. 15% last week and 18% average. The sunflower crop condition rating decreased 1% to 44% g/e, 42% fair, and 14% p/vp.
For the week, Nov canola was at $822.30 up $5.10. Jan canola closed at $833.00 up $5.90.