The Canadian markets were closed on Monday for Victoria Day.
In Tuesday’s session canola traded on both sides of unchanged overnight but climbed higher throughout the day session and closed with strong gains. Tight supplies pushed the old crop July contract higher. Higher Malaysian palm oil and European rapeseed markets added support. Gains were limited by the stronger Canadian dollar. Alberta reported their canola planting at 24% complete overall, ranging from 65% complete in the South and just 13% in the NW part of the province.
Canola ended Wednesday’s session mixed with the front month July contract lower and the new crop contracts higher. The July contract was pressured by the stronger Canadian dollar. Support came from the gains in the soybean complex. But gains were limited by rains in the southern Canadian Prairies. Manitoba reported their canola planting at 30% complete and sunflower planting at 80% complete.
On Thursday canola was lower overnight, got on the positive side early in the day session but then faded and closed just below unchanged. Pressure came from the steep losses in the soybean oil market. But losses were limited by the weaker Canadian dollar. Canola planting in Saskatchewan is estimated at 58% complete. Agriculture Canada increased their estimate of their 2024/25 canola exports by 1.0 MMT to 8.5 MMT.
Thursday’s cash sunflower bids in Fargo were at $28.35. Cash canola bids in West Fargo were at $22.25. Cash canola bids in Velva were at $21.15.
As of May 18, 40% of North Dakota’s canola had been planted vs. 27% last week and 27% average.
As of May 18, 13% of the nation’s sunflower crop was planted vs. 6% average. 19% of North Dakota’s sunflowers had been planted vs. 7% last week and 8% average.
For the week, July canola was at $720.80 up $18.10. Nov canola was at $688.30 up $14.60.
Canola/Sunflower Weekly Comments May 23
Canola/Sunflower Weekly Comments May 23
The Canadian markets were closed on Monday for Victoria Day.
In Tuesday’s session canola traded on both sides of unchanged overnight but climbed higher throughout the day session and closed with strong gains. Tight supplies pushed the old crop July contract higher. Higher Malaysian palm oil and European rapeseed markets added support. Gains were limited by the stronger Canadian dollar. Alberta reported their canola planting at 24% complete overall, ranging from 65% complete in the South and just 13% in the NW part of the province.
Canola ended Wednesday’s session mixed with the front month July contract lower and the new crop contracts higher. The July contract was pressured by the stronger Canadian dollar. Support came from the gains in the soybean complex. But gains were limited by rains in the southern Canadian Prairies. Manitoba reported their canola planting at 30% complete and sunflower planting at 80% complete.
On Thursday canola was lower overnight, got on the positive side early in the day session but then faded and closed just below unchanged. Pressure came from the steep losses in the soybean oil market. But losses were limited by the weaker Canadian dollar. Canola planting in Saskatchewan is estimated at 58% complete. Agriculture Canada increased their estimate of their 2024/25 canola exports by 1.0 MMT to 8.5 MMT.
Thursday’s cash sunflower bids in Fargo were at $28.35. Cash canola bids in West Fargo were at $22.25. Cash canola bids in Velva were at $21.15.
As of May 18, 40% of North Dakota’s canola had been planted vs. 27% last week and 27% average.
As of May 18, 13% of the nation’s sunflower crop was planted vs. 6% average. 19% of North Dakota’s sunflowers had been planted vs. 7% last week and 8% average.
For the week, July canola was at $720.80 up $18.10. Nov canola was at $688.30 up $14.60.