In Monday’s session canola saw small losses overnight and then added to the losses in the day session to close sharply lower. Pressure came from the steep losses in the soybean market. Technical selling added to the losses. Losses were limited by a continuing slow harvest. As of Sept 22, Alberta’s canola harvest was 15% complete vs. 56% last year. All spring crop harvest was at 43% complete vs. 76% average.
On Tuesday canola saw small gains for the first part of the overnight session but then climbed higher for the rest of the overnight and all of the day session, closing solidly higher and erasing most of yesterday’s losses. Support came from the gains in the soybean and soybean oil markets. Bargain buying after yesterday’s losses added support. Manitoba’s canola harvest is 57% complete vs. 76% at the same time last year.
The canola market was closed on Wednesday for a Canadian holiday. USDA estimated Sept 1 sunflower stocks at 303 million pounds, 45% higher than last year.
Canola closed lower across the board on Thursday. Early selling was tied to canola playing catch up as canola did not trade Wednesday due to holiday and soybeans and soybean oil closed lower. Selling was also tied to spill over pressure from a lower soybean complex. Improving weather conditions added pressure as harvest pressure is expected to start to increase as combines return to the fields.
Thursday’s cash sunflower bids in Fargo were at $27.00. Cash canola bids in Fargo were at $24.00. Cash bids in Velva were at $24.44.
As of September 27, North Dakota’s canola harvest was 85% complete vs. 79% last week and 80% average.
As of September 27, North Dakota’s sunflowers turning yellow were at 84% vs. 73% last week and 81% average. Sunflowers turning brown were at 53% vs. 33% last week and 46% average. Sunflower harvest was at 3% complete vs. 0% average. The sunflower crop condition rating was left unchanged at 40% g/e, 46% fair, and 14% p/vp.
For the week, Nov canola was at $815.50 down $13.10 while Jan canola was at $828.70 down $12.70.
For the month, Nov canola was up $10.50. Jan canola closed up $13.80.
Canola/Sunflower Weekly Comments October 2
Canola/Sunflower Weekly Comments October 2
In Monday’s session canola saw small losses overnight and then added to the losses in the day session to close sharply lower. Pressure came from the steep losses in the soybean market. Technical selling added to the losses. Losses were limited by a continuing slow harvest. As of Sept 22, Alberta’s canola harvest was 15% complete vs. 56% last year. All spring crop harvest was at 43% complete vs. 76% average.
On Tuesday canola saw small gains for the first part of the overnight session but then climbed higher for the rest of the overnight and all of the day session, closing solidly higher and erasing most of yesterday’s losses. Support came from the gains in the soybean and soybean oil markets. Bargain buying after yesterday’s losses added support. Manitoba’s canola harvest is 57% complete vs. 76% at the same time last year.
The canola market was closed on Wednesday for a Canadian holiday. USDA estimated Sept 1 sunflower stocks at 303 million pounds, 45% higher than last year.
Canola closed lower across the board on Thursday. Early selling was tied to canola playing catch up as canola did not trade Wednesday due to holiday and soybeans and soybean oil closed lower. Selling was also tied to spill over pressure from a lower soybean complex. Improving weather conditions added pressure as harvest pressure is expected to start to increase as combines return to the fields.
Thursday’s cash sunflower bids in Fargo were at $27.00. Cash canola bids in Fargo were at $24.00. Cash bids in Velva were at $24.44.
As of September 27, North Dakota’s canola harvest was 85% complete vs. 79% last week and 80% average.
As of September 27, North Dakota’s sunflowers turning yellow were at 84% vs. 73% last week and 81% average. Sunflowers turning brown were at 53% vs. 33% last week and 46% average. Sunflower harvest was at 3% complete vs. 0% average. The sunflower crop condition rating was left unchanged at 40% g/e, 46% fair, and 14% p/vp.
For the week, Nov canola was at $815.50 down $13.10 while Jan canola was at $828.70 down $12.70.
For the month, Nov canola was up $10.50. Jan canola closed up $13.80.