The Canadian markets were closed on Monday for Victoria Day.
When the market reopened, canola gapped higher at the start of the overnight session and held those gains overnight. The market then added to the gains in the day session and closed sharply higher. The canola market was playing catch up after being closed on Monday when the soybean complex went sharply higher. Canada’s domestic use of canola (mainly for crush) is running 5% ahead of last year’s pace. Export demand is also improving, and analysts believe canola ending stocks estimates will need to be lowered. Snow fell in parts of Alberta and Saskatchewan over the weekend but likely didn’t cause any damage due to the slow start to planting.
In Wednesday’s session canola traded on both sides of unchanged overnight but faded throughout the day session and closed with losses. Pressure came from the lower crude oil market and the losses in the soybean complex. The lower Malaysian palm oil and European rapeseed markets added to the losses. Manitoba made good planting progress this past week. All spring crop planting is now 37% complete vs. 13% last week and 43% average.
Canola traded back and forth in a choppy session on Thursday. The market saw the session highs early in the day session and then faded but still closed with small gains. Early support came from the gains in the crude oil market and the weaker Canadian dollar. Gains were limited by the losses in the soybean complex. Saskatchewan reported canola planting at 15% complete vs. 8% last week and 58% last year as flooding and cool temps slowed the start of planting.
Thursday’s cash sunflower bids in Fargo were at $24.00. Cash canola bids in Fargo were at $24.60. Cash bids in Velva were at $23.26.
As of May 17, 6% of the nation’s sunflowers were planted vs. 6% average. ND was 11% planted vs. 10% average.
As of May 17, North Dakota’s canola is 37% planted vs. 18% last week and 28% average. Canola emergence is at 7% vs. 4% average.
For the week, July canola was at $750.20 up $12.10 while Nov was at $760.40 up $11.30.
Canola/Sunflower Weekly Comments May 22
Canola/Sunflower Weekly Comments May 22
The Canadian markets were closed on Monday for Victoria Day.
When the market reopened, canola gapped higher at the start of the overnight session and held those gains overnight. The market then added to the gains in the day session and closed sharply higher. The canola market was playing catch up after being closed on Monday when the soybean complex went sharply higher. Canada’s domestic use of canola (mainly for crush) is running 5% ahead of last year’s pace. Export demand is also improving, and analysts believe canola ending stocks estimates will need to be lowered. Snow fell in parts of Alberta and Saskatchewan over the weekend but likely didn’t cause any damage due to the slow start to planting.
In Wednesday’s session canola traded on both sides of unchanged overnight but faded throughout the day session and closed with losses. Pressure came from the lower crude oil market and the losses in the soybean complex. The lower Malaysian palm oil and European rapeseed markets added to the losses. Manitoba made good planting progress this past week. All spring crop planting is now 37% complete vs. 13% last week and 43% average.
Canola traded back and forth in a choppy session on Thursday. The market saw the session highs early in the day session and then faded but still closed with small gains. Early support came from the gains in the crude oil market and the weaker Canadian dollar. Gains were limited by the losses in the soybean complex. Saskatchewan reported canola planting at 15% complete vs. 8% last week and 58% last year as flooding and cool temps slowed the start of planting.
Thursday’s cash sunflower bids in Fargo were at $24.00. Cash canola bids in Fargo were at $24.60. Cash bids in Velva were at $23.26.
As of May 17, 6% of the nation’s sunflowers were planted vs. 6% average. ND was 11% planted vs. 10% average.
As of May 17, North Dakota’s canola is 37% planted vs. 18% last week and 28% average. Canola emergence is at 7% vs. 4% average.
For the week, July canola was at $750.20 up $12.10 while Nov was at $760.40 up $11.30.