Canola started the week mostly lower but turned positive early in the day session and closed with gains. Support spilled over from the higher soybean oil and crude oil markets. Cool temps that are slowing planting added support. Long range forecasts from the Canadian government predict the Canadian Prairies will see below normal precip and above normals temps for May through July.
Tuesday’s session had canola trading back and forth in a choppy session and closed with small losses. Pressure came from the losses in the soybean and crude oil markets. Losses were limited by cool temps in the eastern Canadian Prairies that will slow down planting. Stats Cananda will release their March 31 grains stocks report Wednesday. Alberta will release its first crop report of the season on Friday.
Canola spent most of Wednesday’s session on the lower side and finished the session sharply lower. All of the commodities saw pressure from the sharply lower crude oil market. This morning’s Stats Canada report added to the losses. Canola stocks as of March 31 were up 27% over last year at 10.0 MMT due to last year’s record production and exports being down 25% from the prior year. Losses were limited by a slow start to planting due to cool temps. Manitoba released its first crop report yesterday and reported no oilseeds have been planted yet this spring.
Canola traded on both sides of unchanged to start Thursday but spent the day session on the lower side and closed lower. Pressure came from the losses in the soybean, soybean oil, and crude oil markets. Wednesday’s negative Stats Canada stocks report continued to pressure canola. Losses were limited by strong crush margins. Saskatchewan reported only 3% of spring crop acres have been planted vs. 18% last year and 12% average due to flooding in some areas. Canola planting is 3% complete.
Thursday’s cash sunflower bids in Fargo were at $24.00. Cash canola bids in Fargo were at $24.25 Cash bids in Velva were at $23.11.
As of May 3, North Dakota’s canola is 7% planted vs. 2% last week and 6% average.
For the week, July canola was at $753.10 down $3.10 while Nov canola was at $757.90 down 30 cents.
Canola/Sunflower Weekly Comments May 8
Canola/Sunflower Weekly Comments May 8
Canola started the week mostly lower but turned positive early in the day session and closed with gains. Support spilled over from the higher soybean oil and crude oil markets. Cool temps that are slowing planting added support. Long range forecasts from the Canadian government predict the Canadian Prairies will see below normal precip and above normals temps for May through July.
Tuesday’s session had canola trading back and forth in a choppy session and closed with small losses. Pressure came from the losses in the soybean and crude oil markets. Losses were limited by cool temps in the eastern Canadian Prairies that will slow down planting. Stats Cananda will release their March 31 grains stocks report Wednesday. Alberta will release its first crop report of the season on Friday.
Canola spent most of Wednesday’s session on the lower side and finished the session sharply lower. All of the commodities saw pressure from the sharply lower crude oil market. This morning’s Stats Canada report added to the losses. Canola stocks as of March 31 were up 27% over last year at 10.0 MMT due to last year’s record production and exports being down 25% from the prior year. Losses were limited by a slow start to planting due to cool temps. Manitoba released its first crop report yesterday and reported no oilseeds have been planted yet this spring.
Canola traded on both sides of unchanged to start Thursday but spent the day session on the lower side and closed lower. Pressure came from the losses in the soybean, soybean oil, and crude oil markets. Wednesday’s negative Stats Canada stocks report continued to pressure canola. Losses were limited by strong crush margins. Saskatchewan reported only 3% of spring crop acres have been planted vs. 18% last year and 12% average due to flooding in some areas. Canola planting is 3% complete.
Thursday’s cash sunflower bids in Fargo were at $24.00. Cash canola bids in Fargo were at $24.25 Cash bids in Velva were at $23.11.
As of May 3, North Dakota’s canola is 7% planted vs. 2% last week and 6% average.
For the week, July canola was at $753.10 down $3.10 while Nov canola was at $757.90 down 30 cents.