In Monday’s session canola saw small gains overnight but fell lower throughout the day session and closed sharply lower. Needed rains falling in the Canadian Prairies over the weekend pressured canola. The sharply lower soybean oil market added to the losses. Alberta reported their canola crop rated as 45% g/e as of June 17 (before the rains). Agriculture Canada estimates old crop exports at 9.0 MMT and ending stocks at 1.15 MMT. For new crop, they estimate exports will hit 6.0 MMT and ending stocks will be at 1.8 MMT.
On Tuesday canola gapped lower at the start of the overnight session and then added to the losses, closing sharply lower. Pressure came from the sharply lower soybean oil and crude oil markets. Technical selling and rains in the Canadian Prairies (that were much needed) added pressure. Stats Canada will release their acreage report on Friday.
In Wednesday’s session canola opened the overnight session higher but turned lower late in the overnight session. The market was able to turn things around in the day session and closed with solid gains. Very tight old crop supplies and non-threatening weather forecasts supported canola. Gains were limited by the losses in the soybean complex. Stats Canada will release their updated acreage estimates on Friday. The average trade estimate for canola acres is 21.6 million vs. 21.4 million in their March estimate and 22.1 million last year.
Canola traded back and forth in a very choppy session and closed with small losses on Thursday. The higher Canadian dollar pressured canola as the US dollar is now at a 3-year low. Losses were limited by the strong gains in the soybean oil market. This year’s rapeseed production in Ukraine is expected to be just 2.9 MMT vs. 3.7 MMT last year.
Thursday’s cash sunflower bids in Fargo were at $28.75. Cash canola bids in West Fargo were at $22.85. Cash canola bids in Velva were at $21.77.
As of June 15, 78% of the nation’s sunflower crop was planted vs. 58% last week and 78% average. 89% of North Dakota’s sunflowers had been planted vs. 75% last week and 83% average.
As of June 15, 96% of North Dakota’s canola had been planted vs. 94% last week and 97% average. Emergence was at 70% vs. 49% last week and 76% average. Canola’s crop condition rating was 61% g/e, 34% fair, and 5% p/vp.
For the week, July canola was at $683.00 down $60.60 and November canola was at $692.90 down $49.80.
Canola/Sunflower Weekly Comments June 27
Canola/Sunflower Weekly Comments June 27
In Monday’s session canola saw small gains overnight but fell lower throughout the day session and closed sharply lower. Needed rains falling in the Canadian Prairies over the weekend pressured canola. The sharply lower soybean oil market added to the losses. Alberta reported their canola crop rated as 45% g/e as of June 17 (before the rains). Agriculture Canada estimates old crop exports at 9.0 MMT and ending stocks at 1.15 MMT. For new crop, they estimate exports will hit 6.0 MMT and ending stocks will be at 1.8 MMT.
On Tuesday canola gapped lower at the start of the overnight session and then added to the losses, closing sharply lower. Pressure came from the sharply lower soybean oil and crude oil markets. Technical selling and rains in the Canadian Prairies (that were much needed) added pressure. Stats Canada will release their acreage report on Friday.
In Wednesday’s session canola opened the overnight session higher but turned lower late in the overnight session. The market was able to turn things around in the day session and closed with solid gains. Very tight old crop supplies and non-threatening weather forecasts supported canola. Gains were limited by the losses in the soybean complex. Stats Canada will release their updated acreage estimates on Friday. The average trade estimate for canola acres is 21.6 million vs. 21.4 million in their March estimate and 22.1 million last year.
Canola traded back and forth in a very choppy session and closed with small losses on Thursday. The higher Canadian dollar pressured canola as the US dollar is now at a 3-year low. Losses were limited by the strong gains in the soybean oil market. This year’s rapeseed production in Ukraine is expected to be just 2.9 MMT vs. 3.7 MMT last year.
Thursday’s cash sunflower bids in Fargo were at $28.75. Cash canola bids in West Fargo were at $22.85. Cash canola bids in Velva were at $21.77.
As of June 15, 78% of the nation’s sunflower crop was planted vs. 58% last week and 78% average. 89% of North Dakota’s sunflowers had been planted vs. 75% last week and 83% average.
As of June 15, 96% of North Dakota’s canola had been planted vs. 94% last week and 97% average. Emergence was at 70% vs. 49% last week and 76% average. Canola’s crop condition rating was 61% g/e, 34% fair, and 5% p/vp.
For the week, July canola was at $683.00 down $60.60 and November canola was at $692.90 down $49.80.