Canola climbed higher throughout Monday’s session and closed sharply higher. Support spilled over from the sharply higher soybean complex. Excessive rains in the Canadian Prairies that have drowned out acres added support. As of June 29, Saskatchewan’s canola crop was rated 79% g/e vs. 75% g/e 2 weeks ago. As of June 30, Alberta’s canola crop was rated 57% g/e vs. 60% 2 weeks ago.
In Tuesday’s session canola traded higher in a choppy session and closed with decent gains. Support came from another day of gains in the soybean complex. Support also spilled over from the gains in the crude oil market as tensions between the US and Iran increased again. Some analysts think up to 5% of Canadian canola acres may have been lost due to excessive rains and flooding.
Canola climbed slowly higher throughout Wednesday’s session and closed sharply higher. Support came from the gains in the crude oil market as fighting has resumed between the US and Iran. Support also came from another round of excessive rains that covered most of Manitoba. Parts of NW Manitoba have received 200% of normal rainfall. Technical buying added to the gains.
In Thursday’s session canola was briefly higher early in the overnight session but then slowly drifted lower the rest of the session, closing with losses. Pressure came from the losses in crude oil and losses in the soybean complex. Profit taking after yesterday’s strong gains, added to the losses. But losses were limited by weather concerns as many areas have seen excessive rains and excessive heat is in the forecast for southern Manitoba and Saskatchewan.
Thursday’s cash sunflower bids in Fargo were at $25.75. Cash canola bids in Fargo were at $26.20. Cash bids in Velva were at $25.10.
For the week, Nov canola was at $777.60 up $37.90. Jan canola closed at $787.00 up $39.20.
Canola/Sunflower Weekly Comments July 10
Canola/Sunflower Weekly Comments July 10
Canola climbed higher throughout Monday’s session and closed sharply higher. Support spilled over from the sharply higher soybean complex. Excessive rains in the Canadian Prairies that have drowned out acres added support. As of June 29, Saskatchewan’s canola crop was rated 79% g/e vs. 75% g/e 2 weeks ago. As of June 30, Alberta’s canola crop was rated 57% g/e vs. 60% 2 weeks ago.
In Tuesday’s session canola traded higher in a choppy session and closed with decent gains. Support came from another day of gains in the soybean complex. Support also spilled over from the gains in the crude oil market as tensions between the US and Iran increased again. Some analysts think up to 5% of Canadian canola acres may have been lost due to excessive rains and flooding.
Canola climbed slowly higher throughout Wednesday’s session and closed sharply higher. Support came from the gains in the crude oil market as fighting has resumed between the US and Iran. Support also came from another round of excessive rains that covered most of Manitoba. Parts of NW Manitoba have received 200% of normal rainfall. Technical buying added to the gains.
In Thursday’s session canola was briefly higher early in the overnight session but then slowly drifted lower the rest of the session, closing with losses. Pressure came from the losses in crude oil and losses in the soybean complex. Profit taking after yesterday’s strong gains, added to the losses. But losses were limited by weather concerns as many areas have seen excessive rains and excessive heat is in the forecast for southern Manitoba and Saskatchewan.
Thursday’s cash sunflower bids in Fargo were at $25.75. Cash canola bids in Fargo were at $26.20. Cash bids in Velva were at $25.10.
For the week, Nov canola was at $777.60 up $37.90. Jan canola closed at $787.00 up $39.20.