In Monday’s session canola dropped about $4.00 lower at the start of the overnight session and then added to the losses. The market was able to trim some of the losses in the day session but still closed lower. Pressure came from the US/Iran deal to end the war, which send the crude oil and world vegetable oil markets sharply lower overnight. Losses were trimmed by day session gains in the soybean complex. Alberta reported 67% of their canola had emerged as of June 9.
On Tuesday canola was mostly lower overnight, briefly got on the positive side at the start of the day session but then faded again and closed with losses. Pressure came from the sharply lower soybean oil market and the losses in the crude oil market. Losses were limited by the gains in the soybean market. Manitoba reported all spring crop planting at 96% complete vs. 99% average but noted that canola seeding in the NW part of the province is only 75% complete due to excessive rains and flooding.
In Wednesday’s session canola traded mostly on the higher side in a choppy overnight session. But the market dropped lower at the start of the day session and never recovered, closing solidly lower. Pressure came from the sharply lower soybean oil market. Overall good growing conditions across the Canadian Prairies added pressure. Losses were limited by the weaker Canadian dollar and gains in the soybean market.
Wednesday’s cash sunflower bids in Fargo were at $25.00. Cash canola bids in Fargo were at $24.35. Cash bids in Velva were at $23.34.
For the week, July canola was at $728.90 down $28.30 while Nov canola was at $734.30 down $31.60.
Canola/Sunflower Weekly Comments June 18
Canola/Sunflower Weekly Comments June 18
In Monday’s session canola dropped about $4.00 lower at the start of the overnight session and then added to the losses. The market was able to trim some of the losses in the day session but still closed lower. Pressure came from the US/Iran deal to end the war, which send the crude oil and world vegetable oil markets sharply lower overnight. Losses were trimmed by day session gains in the soybean complex. Alberta reported 67% of their canola had emerged as of June 9.
On Tuesday canola was mostly lower overnight, briefly got on the positive side at the start of the day session but then faded again and closed with losses. Pressure came from the sharply lower soybean oil market and the losses in the crude oil market. Losses were limited by the gains in the soybean market. Manitoba reported all spring crop planting at 96% complete vs. 99% average but noted that canola seeding in the NW part of the province is only 75% complete due to excessive rains and flooding.
In Wednesday’s session canola traded mostly on the higher side in a choppy overnight session. But the market dropped lower at the start of the day session and never recovered, closing solidly lower. Pressure came from the sharply lower soybean oil market. Overall good growing conditions across the Canadian Prairies added pressure. Losses were limited by the weaker Canadian dollar and gains in the soybean market.
Wednesday’s cash sunflower bids in Fargo were at $25.00. Cash canola bids in Fargo were at $24.35. Cash bids in Velva were at $23.34.
For the week, July canola was at $728.90 down $28.30 while Nov canola was at $734.30 down $31.60.