To start the week canola opened lower overnight but soon got back on the positive side and then traded steady and closed with gains. Support came from the higher soybean oil, Malaysian palm oil, and European rapeseed markets. Technical buying added support. Alberta’s canola harvest is estimated at 71% complete. Gains were limited by harvest pressure as this week’s dry weather should help harvest progress.
Canola closed lower across the board on Tuesday. Early selling pressure spilled over from the lower US soybean complex. Additional pressure spilled over from the lower crude oil market. Technical selling was also evident as once canola could not break above resistance, sell orders were triggered. Warm dry conditions will help push harvest progress added pressure.
In Wednesday’s session canola traded back and forth on both sides of unchanged and closed with small losses. Pressure came from the lower Malaysian palm oil and soybean oil markets. Losses were also due to harvest pressure as conditions have been favorable for harvest for most of the Canadian Prairies. As of Oct. 7, Manitoba reported their canola harvest at 94% complete with yield around 30 to 45 bu/acre. Losses were limited by bargain buying and short covering.
Canola traded back and forth in a choppy session on Thursday and closed with losses. Harvest pressure and farmer selling pulled canola lower. Losses were limited by the sharply higher soybean oil market. Saskatchewan reported their canola harvest at 94% complete.
Thursday’s cash sunflower bids in Fargo were at $18.40. Cash canola bids in West Fargo were at $19.70 Cash canola bids in Velva were at $18.39.
As of Oct. 6, North Dakota’s sunflower bracts turned yellow were at 92% vs. 82% last week and 91% average. Bracts turned brown were at 70% vs. 46% last week and 72% average. The sunflower crop condition rating decreased 3% to 63% g/e, 31% fair, and 6% p/vp.
As of Oct. 6, North Dakota’s canola harvest was at 90% complete vs. 79% last week and 89% average.
For the week, Nov. canola was at $614.40 down $10.50 and Jan. canola was at $626.80 down $10.20.
Canola/Sunflower Weekly Comments Oct 11
Canola/Sunflower Weekly Comments Oct 11
To start the week canola opened lower overnight but soon got back on the positive side and then traded steady and closed with gains. Support came from the higher soybean oil, Malaysian palm oil, and European rapeseed markets. Technical buying added support. Alberta’s canola harvest is estimated at 71% complete. Gains were limited by harvest pressure as this week’s dry weather should help harvest progress.
Canola closed lower across the board on Tuesday. Early selling pressure spilled over from the lower US soybean complex. Additional pressure spilled over from the lower crude oil market. Technical selling was also evident as once canola could not break above resistance, sell orders were triggered. Warm dry conditions will help push harvest progress added pressure.
In Wednesday’s session canola traded back and forth on both sides of unchanged and closed with small losses. Pressure came from the lower Malaysian palm oil and soybean oil markets. Losses were also due to harvest pressure as conditions have been favorable for harvest for most of the Canadian Prairies. As of Oct. 7, Manitoba reported their canola harvest at 94% complete with yield around 30 to 45 bu/acre. Losses were limited by bargain buying and short covering.
Canola traded back and forth in a choppy session on Thursday and closed with losses. Harvest pressure and farmer selling pulled canola lower. Losses were limited by the sharply higher soybean oil market. Saskatchewan reported their canola harvest at 94% complete.
Thursday’s cash sunflower bids in Fargo were at $18.40. Cash canola bids in West Fargo were at $19.70 Cash canola bids in Velva were at $18.39.
As of Oct. 6, North Dakota’s sunflower bracts turned yellow were at 92% vs. 82% last week and 91% average. Bracts turned brown were at 70% vs. 46% last week and 72% average. The sunflower crop condition rating decreased 3% to 63% g/e, 31% fair, and 6% p/vp.
As of Oct. 6, North Dakota’s canola harvest was at 90% complete vs. 79% last week and 89% average.
For the week, Nov. canola was at $614.40 down $10.50 and Jan. canola was at $626.80 down $10.20.