Canola spent Monday’s session on the lower side and closed solidly lower. Pressure came from reports China bought 50,000 MT of canola from Australia for the first time since 2020. Forecasts for rain today in parts of Alberta, Saskatchewan, and Manitoba added pressure. The soybean complex didn’t provide much direction with soybeans seeing small losses and soybean oil seeing small gains.
Canola opened Tuesday’s session lower and accelerated its losses with selling still tied to China’s recent tariff’s place on Canada’s imports, which virtually halted canola sales to China. Selling pressure also spilled over from the lower US soybean market. Harvest activity is expected to increase this week due to warmer drier forecasts for the Northern Plains, and that added selling pressure. The trifecta came from a lower crude oil market.
Canola traded back and forth in a choppy session and closed with decent gains on Wednesday. Spillover support came from the strong gains in the crude oil market. Gains were limited by recent rains across the Canadian Prairies. Canola harvest is just getting started in Manitoba with early yields coming in around 45 to 55 bu/acre.
Canola closed with solid gains across the board on Thursday. The market started the session lower but managed to shake off its selling pressure once soybeans started the rally. An overall stronger world veg oil market added support. Harvest delays due to rain added support.
Thursday’s cash sunflower bids in Fargo were at $26.00. Cash canola bids in West Fargo were at $21.15. Cash canola bids in Velva were at $20.12.
As of August 17, North Dakota’s sunflower crop condition rating increased 2% to 72% g/e, 26% fair, and 2% p/vp.
As of August 17, North Dakota’s canola crop condition rating decreased 6% to 63% g/e, 33% fair, and 4% p/vp.
For the week, November canola was at $666.50 up $5.60 and January canola was at $677.50 up $4.80.
Canola/Sunflower Weekly Comments August 22
Canola/Sunflower Weekly Comments August 22
Canola spent Monday’s session on the lower side and closed solidly lower. Pressure came from reports China bought 50,000 MT of canola from Australia for the first time since 2020. Forecasts for rain today in parts of Alberta, Saskatchewan, and Manitoba added pressure. The soybean complex didn’t provide much direction with soybeans seeing small losses and soybean oil seeing small gains.
Canola opened Tuesday’s session lower and accelerated its losses with selling still tied to China’s recent tariff’s place on Canada’s imports, which virtually halted canola sales to China. Selling pressure also spilled over from the lower US soybean market. Harvest activity is expected to increase this week due to warmer drier forecasts for the Northern Plains, and that added selling pressure. The trifecta came from a lower crude oil market.
Canola traded back and forth in a choppy session and closed with decent gains on Wednesday. Spillover support came from the strong gains in the crude oil market. Gains were limited by recent rains across the Canadian Prairies. Canola harvest is just getting started in Manitoba with early yields coming in around 45 to 55 bu/acre.
Canola closed with solid gains across the board on Thursday. The market started the session lower but managed to shake off its selling pressure once soybeans started the rally. An overall stronger world veg oil market added support. Harvest delays due to rain added support.
Thursday’s cash sunflower bids in Fargo were at $26.00. Cash canola bids in West Fargo were at $21.15. Cash canola bids in Velva were at $20.12.
As of August 17, North Dakota’s sunflower crop condition rating increased 2% to 72% g/e, 26% fair, and 2% p/vp.
As of August 17, North Dakota’s canola crop condition rating decreased 6% to 63% g/e, 33% fair, and 4% p/vp.
For the week, November canola was at $666.50 up $5.60 and January canola was at $677.50 up $4.80.