To start the week canola saw decent gains for the first part of the overnight session before turning lower. The losses accelerated in the day session and the market closed sharply lower. Pressure came from the lower soybean complex, especially the sharply lower soybean oil market. Technical selling and the stronger Canadian dollar added to the losses. The funds hold a record net long position in canola futures (over 100,000 contracts).
In Tuesday’s session canola traded on both sides of unchanged overnight but climbed higher throughout the day session to close with strong gains. Support came from the higher soybean complex and thoughts that Monday’s steep losses were overdone. NASS has eliminated publishing weekly Crop Progress reports on the state level, so updated canola information was delayed. As of June 1, 80% of North Dakota’s canola had been planted vs. 54% last week and 74% average. Emergence was at 36% vs. 22% last week and 31% average. Early estimates of Australia’s 2025/26 production have canola at 5.7 MMT (down 6% from last year).
Canola traded back and forth on both sides of unchanged in Wednesday’s choppy session and closed with losses. Pressure came from the lower Malaysian palm oil and European rapeseed markets. The stronger Canadian dollar added to the losses. But losses were limited by tight supplies and dry conditions in parts of the Canadian Prairies. Manitoba reported their canola crop is now 90% planted.
On Thursday canola traded lower overnight but turned higher in the day session and closed with decent gains. Overnight losses were due to the stronger Canadian dollar and the weaker European rapeseed and Malaysian palm oil markets. Day session support spilled over from the gains in the soybean market after it was confirmed Trump and Xi had a phone call. Saskatchewan reported canola planting at 97% complete and the crop condition rating at 57% g/e, 35% fair, and 8% poor.
Thursday’s cash sunflower bids in Fargo were at $28.75. Cash canola bids in West Fargo were at $22.35. Cash canola bids in Velva were at $20.89.
As of June 1, 41% of the nation’s sunflower crop was planted vs. 24% last week and 36% average. 59% of North Dakota’s sunflowers had been planted vs. 36% last week and 43% average.
For the week, July canola was at $710.80 down 30 cents. Nov canola was at $692.60 up $4.00.
Canola/Sunflower Weekly Comments June 6
Canola/Sunflower Weekly Comments June 6
To start the week canola saw decent gains for the first part of the overnight session before turning lower. The losses accelerated in the day session and the market closed sharply lower. Pressure came from the lower soybean complex, especially the sharply lower soybean oil market. Technical selling and the stronger Canadian dollar added to the losses. The funds hold a record net long position in canola futures (over 100,000 contracts).
In Tuesday’s session canola traded on both sides of unchanged overnight but climbed higher throughout the day session to close with strong gains. Support came from the higher soybean complex and thoughts that Monday’s steep losses were overdone. NASS has eliminated publishing weekly Crop Progress reports on the state level, so updated canola information was delayed. As of June 1, 80% of North Dakota’s canola had been planted vs. 54% last week and 74% average. Emergence was at 36% vs. 22% last week and 31% average. Early estimates of Australia’s 2025/26 production have canola at 5.7 MMT (down 6% from last year).
Canola traded back and forth on both sides of unchanged in Wednesday’s choppy session and closed with losses. Pressure came from the lower Malaysian palm oil and European rapeseed markets. The stronger Canadian dollar added to the losses. But losses were limited by tight supplies and dry conditions in parts of the Canadian Prairies. Manitoba reported their canola crop is now 90% planted.
On Thursday canola traded lower overnight but turned higher in the day session and closed with decent gains. Overnight losses were due to the stronger Canadian dollar and the weaker European rapeseed and Malaysian palm oil markets. Day session support spilled over from the gains in the soybean market after it was confirmed Trump and Xi had a phone call. Saskatchewan reported canola planting at 97% complete and the crop condition rating at 57% g/e, 35% fair, and 8% poor.
Thursday’s cash sunflower bids in Fargo were at $28.75. Cash canola bids in West Fargo were at $22.35. Cash canola bids in Velva were at $20.89.
As of June 1, 41% of the nation’s sunflower crop was planted vs. 24% last week and 36% average. 59% of North Dakota’s sunflowers had been planted vs. 36% last week and 43% average.
For the week, July canola was at $710.80 down 30 cents. Nov canola was at $692.60 up $4.00.