While the US markets were closed on Monday, the canola market was open and had a rough session, closing about $14.00 lower.
But in Tuesday’s session, canola slowly climbed higher the entire session and erased most of Monday’s losses. Support came from the gains in the soybean oil market, along with the gains in the Malaysian palm oil and European rapeseed markets. Alberta reported canola planting at 31% complete as progress continues to be slow. All spring crop planting is 51% complete vs. 61% average. Manitoba reported all spring crop planting at 37% complete vs. 57% last year and 43% average.
On Wednesday canola traded on both sides of unchanged overnight but climbed higher in the day session to close with solid gains. Support came from the sharply higher soybean oil market. Technical buying in a day of light trading was also supportive. Gains were limited by expectations that planting progress in Canada will pick up this week.
Canola slowly climbed higher throughout Thursday’s session and closed with strong gains. Support came from the sharply higher soybean oil market and gains in the crude oil market. Saskatchewan reported their canola planting at 38% complete vs. 15% last week and 83% last year. Due to the slow start to planting, 73% of oilseed crops are behind their normal stage of development.
The US and Mexico have set up 3 rounds of trade talks regarding changes to the USMCA. Canada is not participating in these talks and no bilateral US/Canada talks have been set.
Thursday’s cash sunflower bids in Fargo were at $24.00. Cash canola bids in Fargo were at $25.10. Cash bids in Velva were at $24.16.
For the week, July canola was at $760.90 up $10.70 while Nov canola was at $772.70 up $12.30.
For the month, July canola was down $2.90 while Nov canola was up $11.40.
Canola/Sunflower Weekly Comments May 29
Canola/Sunflower Weekly Comments May 29
While the US markets were closed on Monday, the canola market was open and had a rough session, closing about $14.00 lower.
But in Tuesday’s session, canola slowly climbed higher the entire session and erased most of Monday’s losses. Support came from the gains in the soybean oil market, along with the gains in the Malaysian palm oil and European rapeseed markets. Alberta reported canola planting at 31% complete as progress continues to be slow. All spring crop planting is 51% complete vs. 61% average. Manitoba reported all spring crop planting at 37% complete vs. 57% last year and 43% average.
On Wednesday canola traded on both sides of unchanged overnight but climbed higher in the day session to close with solid gains. Support came from the sharply higher soybean oil market. Technical buying in a day of light trading was also supportive. Gains were limited by expectations that planting progress in Canada will pick up this week.
Canola slowly climbed higher throughout Thursday’s session and closed with strong gains. Support came from the sharply higher soybean oil market and gains in the crude oil market. Saskatchewan reported their canola planting at 38% complete vs. 15% last week and 83% last year. Due to the slow start to planting, 73% of oilseed crops are behind their normal stage of development.
The US and Mexico have set up 3 rounds of trade talks regarding changes to the USMCA. Canada is not participating in these talks and no bilateral US/Canada talks have been set.
Thursday’s cash sunflower bids in Fargo were at $24.00. Cash canola bids in Fargo were at $25.10. Cash bids in Velva were at $24.16.
For the week, July canola was at $760.90 up $10.70 while Nov canola was at $772.70 up $12.30.
For the month, July canola was down $2.90 while Nov canola was up $11.40.