In Monday’s session canola opened lower and extended session losses throughout the night and day. Early selling pressure spilled over from the lower US soybean complex. Light selling was also tied to improving weather conditions for Canada, which should help move harvest progress forward.
Canola gapped lower at the start of the overnight session and then slowly drifted lower the rest of Tuesday’s session to close with losses. Pressure came from the lower soybean market and losses in the crude oil market. Harvest pressure added to the losses, but they are concerns yields are coming in below average to average and production may be lower than Stats Canada’s August estimate of 22.1 MMT.
In Wednesday’s session canola slowly drifted lower overnight, was able to trim some of the losses early in the day session but then faded again and closed solidly lower. Pressure came from the losses in the soybean complex, especially the sharply lower soybean oil market. Losses were also due to harvest pressure. As of Oct 20, Manitoba’s canola harvest is 92% complete vs. 86% last week and 100% last year. Agriculture and Agri-Food Canada lowered new crop ending stocks 11,000 MT to 1.97 MMT.
Canola traded on both sides of unchanged early in the overnight session then climbed higher overnight and into Thursday’s day session, closing with solid gains and breaking the streak of 7 lower closes in a row. Support came from the gains in the soybean and soybean oil markets, and also from the higher crude oil market. Saskatchewan is wrapping up canola harvest with harvest now at 96% complete vs. 89% last week. China has recently purchased 1.0 MMT of canola from Australia. Currently China has a 14.9% tariff on Canadian canola vs. a 9.0% tariff on canola from Australia.
Thursday’s cash sunflower bids in Fargo were at $26.50. Cash canola bids in Fargo were at $25.35. Cash canola bids in Velva were at $24.17.
As of October 18, North Dakota’s sunflowers turning brown were at 89% vs. 85% last week and 89% average. Sunflower harvest was at 31% complete vs. 22% last week and 24% average. ND’s sunflower crop rating was unchanged at 44% g/e, 44% fair, and 12% p/vp.
For the week, Nov canola was at $778.80 down $20.00. Jan canola closed at $792.60 down $19.00.
Canola/Sunflower Weekly Comments October 23
Canola/Sunflower Weekly Comments October 23
In Monday’s session canola opened lower and extended session losses throughout the night and day. Early selling pressure spilled over from the lower US soybean complex. Light selling was also tied to improving weather conditions for Canada, which should help move harvest progress forward.
Canola gapped lower at the start of the overnight session and then slowly drifted lower the rest of Tuesday’s session to close with losses. Pressure came from the lower soybean market and losses in the crude oil market. Harvest pressure added to the losses, but they are concerns yields are coming in below average to average and production may be lower than Stats Canada’s August estimate of 22.1 MMT.
In Wednesday’s session canola slowly drifted lower overnight, was able to trim some of the losses early in the day session but then faded again and closed solidly lower. Pressure came from the losses in the soybean complex, especially the sharply lower soybean oil market. Losses were also due to harvest pressure. As of Oct 20, Manitoba’s canola harvest is 92% complete vs. 86% last week and 100% last year. Agriculture and Agri-Food Canada lowered new crop ending stocks 11,000 MT to 1.97 MMT.
Canola traded on both sides of unchanged early in the overnight session then climbed higher overnight and into Thursday’s day session, closing with solid gains and breaking the streak of 7 lower closes in a row. Support came from the gains in the soybean and soybean oil markets, and also from the higher crude oil market. Saskatchewan is wrapping up canola harvest with harvest now at 96% complete vs. 89% last week. China has recently purchased 1.0 MMT of canola from Australia. Currently China has a 14.9% tariff on Canadian canola vs. a 9.0% tariff on canola from Australia.
Thursday’s cash sunflower bids in Fargo were at $26.50. Cash canola bids in Fargo were at $25.35. Cash canola bids in Velva were at $24.17.
As of October 18, North Dakota’s sunflowers turning brown were at 89% vs. 85% last week and 89% average. Sunflower harvest was at 31% complete vs. 22% last week and 24% average. ND’s sunflower crop rating was unchanged at 44% g/e, 44% fair, and 12% p/vp.
For the week, Nov canola was at $778.80 down $20.00. Jan canola closed at $792.60 down $19.00.