Canola started the week like soybeans, under pressure. Early selling pressure spilled over from a lower US soybean complex. An overall lower world veg oil market added pressure. Ideal weather conditions which helped harvest activity advance added pressure. Friday Stats Canada estimate Canada’s canola production at 20.03 MMT vs expectations of 21 MMT. Canola will be closed Tuesday and that added light pressure.
Canola was closed today in observance of National Day of Truth and Reconciliation.
Spillover support from a stronger US soybean complex helped canola shake off a potential lower session. Canola opened lower but managed to close with small gains in all months. Early pressure was due to the US government shutdown, which will result in limited news to give traders direction. Technical buying added support as once the Nov contract slipped toward $600, technical support stepped in to help push canola higher. Slow exports and harvest progress added pressure early.
Buying continued on Thursday as once again, soybeans and canola rallied to end the session with gains. After opening the session lower canola found support and bounced higher. Early support was due to spill over buying from a stronger US soybean market. Technical buying was also evident as canola was able to bounce off support.
Thursday’s cash sunflower bids in Fargo were at $20.45. Cash canola bids in Fargo were at $19.10. Cash bids in Velva were at $18.15.
As of Sept. 28, North Dakota’s sunflower crop condition rating was unchanged at 68% g/e, 28% fair, and 4% p/vp.
As of Sept. 28, North Dakota’s canola harvest was estimated at 75% complete vs. 57% last week.
For the week, November canola was at $605.00 down $9.60 while January canola was at $618.10 down $9.60.
Canola/Sunflower Weekly Comments Oct 3
Canola/Sunflower Weekly Comments Oct 3
Canola started the week like soybeans, under pressure. Early selling pressure spilled over from a lower US soybean complex. An overall lower world veg oil market added pressure. Ideal weather conditions which helped harvest activity advance added pressure. Friday Stats Canada estimate Canada’s canola production at 20.03 MMT vs expectations of 21 MMT. Canola will be closed Tuesday and that added light pressure.
Canola was closed today in observance of National Day of Truth and Reconciliation.
Spillover support from a stronger US soybean complex helped canola shake off a potential lower session. Canola opened lower but managed to close with small gains in all months. Early pressure was due to the US government shutdown, which will result in limited news to give traders direction. Technical buying added support as once the Nov contract slipped toward $600, technical support stepped in to help push canola higher. Slow exports and harvest progress added pressure early.
Buying continued on Thursday as once again, soybeans and canola rallied to end the session with gains. After opening the session lower canola found support and bounced higher. Early support was due to spill over buying from a stronger US soybean market. Technical buying was also evident as canola was able to bounce off support.
Thursday’s cash sunflower bids in Fargo were at $20.45. Cash canola bids in Fargo were at $19.10. Cash bids in Velva were at $18.15.
As of Sept. 28, North Dakota’s sunflower crop condition rating was unchanged at 68% g/e, 28% fair, and 4% p/vp.
As of Sept. 28, North Dakota’s canola harvest was estimated at 75% complete vs. 57% last week.
For the week, November canola was at $605.00 down $9.60 while January canola was at $618.10 down $9.60.