Canola traded mostly on the higher side and closed with decent gains on Monday. Support came from the higher soybean oil market. Ideas that last week’s steep losses were overdone added support. Gains were limited by weekend rains and more rain in the forecast this week for much of the Canadian Prairies. As of June 2, Alberta’s canola was 89% planted. But due to the slow start to planting, just 38% of the crop has emerged vs. 58% average.
In Tuesday’s session canola fell lower throughout the overnight session but trimmed most of the losses in the day session and closed with small losses. Last week’s rapid planting progress pressured canola. The lower crude market added to the losses. But rains in the forecast limited losses with the idea that the rain will keep some canola acres from being planted this year.
Canola traded back and forth on both sides of unchanged overnight but climbed higher in Wednesday’s day session and closed with solid gains. Support came from the gains in the soybean complex and the higher crude oil market. Excessive rains and flooding in western Manitoba and eastern Saskatchewan added support. Stonewall, Manitoba saw 9.8 inches of rain. Many other areas got more than 4 inches of rain. Before the rain, Manitoba made rapid progress in planning over the past week, going from 71% complete for all spring crops last week to 93% planted as of June 9. The report also noted that while the NE part of the province only has 65% of their canola planted, the rest of the province has completed canola seeding.
Canola traded back and forth in a choppy session on Thursday and closed with small losses. Losses in the soybean complex and crude oil market pressured canola. Tighter crush margins added pressure. Losses were limited by the weaker Canadian dollar and the higher Malaysian palm oil and European rapeseed markets. Saskatchewan reported that as of June 8, 93% of their canola was planted.
Thursday’s cash sunflower bids in Fargo were at $24.75. Cash canola bids in Fargo were at $25.15. Cash bids in Velva were at $23.89.
For the week, July canola was at $757.20 up 20 cents while Nov canola was at $765.90 up $1.70.
Canola/Sunflower Weekly Comments June 12
Canola/Sunflower Weekly Comments June 12
Canola traded mostly on the higher side and closed with decent gains on Monday. Support came from the higher soybean oil market. Ideas that last week’s steep losses were overdone added support. Gains were limited by weekend rains and more rain in the forecast this week for much of the Canadian Prairies. As of June 2, Alberta’s canola was 89% planted. But due to the slow start to planting, just 38% of the crop has emerged vs. 58% average.
In Tuesday’s session canola fell lower throughout the overnight session but trimmed most of the losses in the day session and closed with small losses. Last week’s rapid planting progress pressured canola. The lower crude market added to the losses. But rains in the forecast limited losses with the idea that the rain will keep some canola acres from being planted this year.
Canola traded back and forth on both sides of unchanged overnight but climbed higher in Wednesday’s day session and closed with solid gains. Support came from the gains in the soybean complex and the higher crude oil market. Excessive rains and flooding in western Manitoba and eastern Saskatchewan added support. Stonewall, Manitoba saw 9.8 inches of rain. Many other areas got more than 4 inches of rain. Before the rain, Manitoba made rapid progress in planning over the past week, going from 71% complete for all spring crops last week to 93% planted as of June 9. The report also noted that while the NE part of the province only has 65% of their canola planted, the rest of the province has completed canola seeding.
Canola traded back and forth in a choppy session on Thursday and closed with small losses. Losses in the soybean complex and crude oil market pressured canola. Tighter crush margins added pressure. Losses were limited by the weaker Canadian dollar and the higher Malaysian palm oil and European rapeseed markets. Saskatchewan reported that as of June 8, 93% of their canola was planted.
Thursday’s cash sunflower bids in Fargo were at $24.75. Cash canola bids in Fargo were at $25.15. Cash bids in Velva were at $23.89.
For the week, July canola was at $757.20 up 20 cents while Nov canola was at $765.90 up $1.70.