Canola traded on both sides of unchanged in Monday’s choppy session and closed around unchanged. Pressure came from the losses in the soybean complex and the sharply lower crude oil market. Losses were limited by a slowdown in farmer selling. As of Oct. 27, Alberta’s canola harvest is 94% complete.
In Tuesday’s session canola traded in a narrow range on both sides of unchanged for the first part of the overnight session before dropping sharply lower. The market was able to trim losses in the day session but still closed solidly lower. Canola followed soybean oil lower overnight, but as that market trimmed losses in the day session so did canola. Technical selling added pressure.
On Wednesday canola dropped lower at the start of the overnight session, tried to recover but then fell lower in the day session and closed solidly lower. Pressure came from the sharply lower crude oil market (down $7.00 to $8.00). The sharply lower soybean oil market added pressure (down $1.75). Fund liquidation and the stronger Canadian dollar added to the losses.
Canola saw small losses overnight, but the losses accelerated in Thursday’s day session and the market closed solidly lower and at 4-month lows. Pressure came from the losses in the soybean complex. The lower Malaysian palm oil and European rapeseed markets added pressure. Speculative selling added to the losses. Losses were limited by the higher crude oil market and weaker Canadian dollar.
Thursday’s cash sunflower bids in Fargo were at $25.00. Cash canola bids in Fargo were at $24.75. Cash canola bids in Velva were at $23.41.
As of November 1, North Dakota’s sunflower harvest was at 61% complete vs. 46% last week and 55% average.
For the week, Jan canola was at $752.20 down $35.60. Mar canola closed at $764.20 down $33.60.
Canola/Sunflower Weekly Comments November 6
Canola/Sunflower Weekly Comments November 6
Canola traded on both sides of unchanged in Monday’s choppy session and closed around unchanged. Pressure came from the losses in the soybean complex and the sharply lower crude oil market. Losses were limited by a slowdown in farmer selling. As of Oct. 27, Alberta’s canola harvest is 94% complete.
In Tuesday’s session canola traded in a narrow range on both sides of unchanged for the first part of the overnight session before dropping sharply lower. The market was able to trim losses in the day session but still closed solidly lower. Canola followed soybean oil lower overnight, but as that market trimmed losses in the day session so did canola. Technical selling added pressure.
On Wednesday canola dropped lower at the start of the overnight session, tried to recover but then fell lower in the day session and closed solidly lower. Pressure came from the sharply lower crude oil market (down $7.00 to $8.00). The sharply lower soybean oil market added pressure (down $1.75). Fund liquidation and the stronger Canadian dollar added to the losses.
Canola saw small losses overnight, but the losses accelerated in Thursday’s day session and the market closed solidly lower and at 4-month lows. Pressure came from the losses in the soybean complex. The lower Malaysian palm oil and European rapeseed markets added pressure. Speculative selling added to the losses. Losses were limited by the higher crude oil market and weaker Canadian dollar.
Thursday’s cash sunflower bids in Fargo were at $25.00. Cash canola bids in Fargo were at $24.75. Cash canola bids in Velva were at $23.41.
As of November 1, North Dakota’s sunflower harvest was at 61% complete vs. 46% last week and 55% average.
For the week, Jan canola was at $752.20 down $35.60. Mar canola closed at $764.20 down $33.60.