Canada’s markets were closed on Monday for Thanksgiving.
After the long holiday weekend, canola gapped lower at the start of the overnight session and then continued to add to the losses, closing sharply lower. Speculative selling pulled canola lower. Spillover pressure came from the sharply lower crude oil market (down close to $3 today). Losses were limited by the strong gains in the soybean oil market on a friendly NOPA report.
On Wednesday canola climbed higher throughout the overnight session, seeing gains of $16.00 at the peak. But the market trimmed just about all the gains in the day session to close with small gains. Overnight gains were due to higher world vegetable oil markets. But as the soybean and soybean oil markets turned lower in the day session, they pulled canola down and the market erased most of the day’s gains. Manitoba reported their canola harvest at 98% complete.
In Thursday’s session canola traded on both sides of unchanged overnight but the market climbed higher throughout the day session and closed with strong gains. Support came from the sharply higher soybean oil market. Bargain buying added to the gains. Gains were limited by an uptick in farmer selling.
Thursday’s cash sunflower bids in Fargo were at $18.65. Cash canola bids in West Fargo were at $20.50 Cash canola bids in Velva were at $18.37.
As of Oct. 13, North Dakota’s sunflower bracts turned yellow were at 98% vs. 92% last week and 97% average. Bracts turned brown were at 81% vs. 70% last week and 85% average. Harvest was at 10% complete vs. 15% average. The sunflower crop condition rating decreased 1% to 62% g/e, 35% fair, and 3% p/vp.
As of Oct. 13, North Dakota’s canola harvest was at 96% complete vs. 90% last week and 94% average.
For the week, Nov. canola was at $616.10 up $1.70 and Jan. canola was at $624.50 down $2.30.
Canola/Sunflower Weekly Comments Oct 18
Canola/Sunflower Weekly Comments Oct 18
Canada’s markets were closed on Monday for Thanksgiving.
After the long holiday weekend, canola gapped lower at the start of the overnight session and then continued to add to the losses, closing sharply lower. Speculative selling pulled canola lower. Spillover pressure came from the sharply lower crude oil market (down close to $3 today). Losses were limited by the strong gains in the soybean oil market on a friendly NOPA report.
On Wednesday canola climbed higher throughout the overnight session, seeing gains of $16.00 at the peak. But the market trimmed just about all the gains in the day session to close with small gains. Overnight gains were due to higher world vegetable oil markets. But as the soybean and soybean oil markets turned lower in the day session, they pulled canola down and the market erased most of the day’s gains. Manitoba reported their canola harvest at 98% complete.
In Thursday’s session canola traded on both sides of unchanged overnight but the market climbed higher throughout the day session and closed with strong gains. Support came from the sharply higher soybean oil market. Bargain buying added to the gains. Gains were limited by an uptick in farmer selling.
Thursday’s cash sunflower bids in Fargo were at $18.65. Cash canola bids in West Fargo were at $20.50 Cash canola bids in Velva were at $18.37.
As of Oct. 13, North Dakota’s sunflower bracts turned yellow were at 98% vs. 92% last week and 97% average. Bracts turned brown were at 81% vs. 70% last week and 85% average. Harvest was at 10% complete vs. 15% average. The sunflower crop condition rating decreased 1% to 62% g/e, 35% fair, and 3% p/vp.
As of Oct. 13, North Dakota’s canola harvest was at 96% complete vs. 90% last week and 94% average.
For the week, Nov. canola was at $616.10 up $1.70 and Jan. canola was at $624.50 down $2.30.