Canola/Sunflower Weekly Comments May 26

Canola/Sunflower Weekly Comments May 26

The canola market was closed on Monday for Victoria Day.

In Tuesday’s session canola closed mixed with the old crop higher while the new crop was lower. Old crop was supported by the need for canola to play catch up with the rest of the veg oil markets that traded on Monday. New crop canola was lower due to better-than-expected rain over the weekend. Gains were kept in check from pressure from the lower US soybean complex.

Canola traded back and forth in a choppy session on Wednesday and closed with losses with the Nov contract seeing new contract lows. Speculative selling pulled the market lower today. Losses were limited by the higher soybean oil market and weaker Canadian dollar. Manitoba reported that 62% of the province’s crops are planted vs. 81% average and canola acres are at 40% planted.

Canola closed lower across the board on Thursday with the front month July contract seeing the biggest losses. Good planting progress and improving moisture conditions pressured the market. Speculative selling added to the losses. Losses were limited by the higher soybean oil market. Saskatchewan reported all crop planting progress at 68% complete vs. 76% average but only 19% of the canola is planted in the province.

Thursday’s cash sunflower bids in Fargo were at $19.35. Cash canola bids in Fargo were at $24.00 and bids in Velva were at $23.78.

As of May 21, ND canola planting was at 23% vs. 9% last week and 43% average.

As of May 21, US sunflower planting was at 5% complete vs. 1% last week and 10% average. ND is at 3% planted vs. 13% average.

For the week, July canola was at $689.70 down $8.30 and Nov. canola was at $658.80 down $9.80.