Canola traded back and forth on both sides of unchanged overnight but climbed higher throughout the day session and closed solidly higher on Monday. Support came from the strong gains in the soybean complex. Alberta rated its canola crop at 50% g/e and expects yields to average 38 bu. In the first week of the new marketing year, Canada exported 231,000 MT of canola vs. 92,000 MT in the first week last marketing year.
In Tuesday’s session canola opened lower but managed to follow the US soybean complex and firmed to trade with gains throughout most of the session. Early support spilled over from a higher US soybean complex. Gains were trimmed late in the session by some news that impacted the biofuels industry as both canola and soybean oil sold off. A late selloff in the soybean market added pressure. Hedge selling pressure was also evident.
Canola closed with solid gains across the board on Wednesday. After starting the session steady, canola found support and rallied to post solid gains by the close. Early support spilled over from the higher soybean complex. Disappointing production reports from the Pro Farmer tour added support. Pods counts are not living up to expectations and that is giving canola strength as it appears soybean supplies will disappear fast. Gains were kept in check by harvest pressure.
Canola traded back and forth on both sides of unchanged and closed with minor gains on Thursday. Support spilled over from the gains in the crude oil market and the sharply higher soybean oil market. Gains were limited by tighter crush margins and the stronger Canadian dollar. Manitoba’s crop report noted that canola harvest has begun in the central part of the province. Canola harvest has also started in Saskatchewan.
Thursday’s cash sunflower bids in Fargo were at $27.25. Cash canola bids in Fargo were at $25.80. Cash bids in Velva were at $25.67.
For the week, Nov canola was at $799.10 down $19.80. Jan canola closed at $808.40 down $18.00.
Canola/Sunflower Weekly Comments August 21
Canola/Sunflower Weekly Comments August 21
Canola traded back and forth on both sides of unchanged overnight but climbed higher throughout the day session and closed solidly higher on Monday. Support came from the strong gains in the soybean complex. Alberta rated its canola crop at 50% g/e and expects yields to average 38 bu. In the first week of the new marketing year, Canada exported 231,000 MT of canola vs. 92,000 MT in the first week last marketing year.
In Tuesday’s session canola opened lower but managed to follow the US soybean complex and firmed to trade with gains throughout most of the session. Early support spilled over from a higher US soybean complex. Gains were trimmed late in the session by some news that impacted the biofuels industry as both canola and soybean oil sold off. A late selloff in the soybean market added pressure. Hedge selling pressure was also evident.
Canola closed with solid gains across the board on Wednesday. After starting the session steady, canola found support and rallied to post solid gains by the close. Early support spilled over from the higher soybean complex. Disappointing production reports from the Pro Farmer tour added support. Pods counts are not living up to expectations and that is giving canola strength as it appears soybean supplies will disappear fast. Gains were kept in check by harvest pressure.
Canola traded back and forth on both sides of unchanged and closed with minor gains on Thursday. Support spilled over from the gains in the crude oil market and the sharply higher soybean oil market. Gains were limited by tighter crush margins and the stronger Canadian dollar. Manitoba’s crop report noted that canola harvest has begun in the central part of the province. Canola harvest has also started in Saskatchewan.
Thursday’s cash sunflower bids in Fargo were at $27.25. Cash canola bids in Fargo were at $25.80. Cash bids in Velva were at $25.67.
For the week, Nov canola was at $799.10 down $19.80. Jan canola closed at $808.40 down $18.00.