Canola was closed for Canada’s Thanksgiving on Monday.
Canola opened Tuesday’s session with gains, but reversed direction and closed lower. Early support came from harvest concerns in Canada. Support also came from news that EPA will reallocate any lost biofuel volumes to 2026 and 2027 production. Gains were trimmed late in the session as once the US soybean market started to retreat, canola followed. Ukraine officials are estimating sunflower harvest at 66% complete. Rabobank is estimating Australia’s canola crop at 8.1 MMT, up 5%.
In Wednesday’s session canola was higher overnight and into the day session but faded late in the day session and closed with small losses. Overnight support came from the higher crude oil market. But as soybeans and soybean oil lost ground in the day session, they pulled canola down with them. Losses were limited by the weaker Canadian dollar. Manitoba reported their canola harvest at 86% complete vs. 74% last week and 96% complete last year.
On Thursday canola dropped lower at the start of the overnight session, tried to trim some of the losses early in the day session but failed and closed near the session lows. Canola is sitting at its lowest level since late August. Pressure came from the losses in the soybean market, as well as the lower Malaysian palm oil and European rapeseed markets. Harvest pressure added to the losses. Saskatchewan reported their canola harvest as of Oct 12 at 89% complete vs. 73% last week with an average yield of 40 bu.
Thursday’s cash sunflower bids in Fargo were at $26.50. Cash canola bids in Fargo were at $25.75. Cash canola bids in Velva were at $24.57.
As of October 11, North Dakota’s canola harvest was 97% complete vs. 94% last week and 93% average.
As of October 11, North Dakota’s sunflowers turning yellow were at 97% vs. 93% last week and 95% average. Sunflowers turning brown were at 86% vs. 69% last week and 81% average. Sunflower harvest was at 22% complete vs. 10% last week and 13% average.
For the week, Nov canola was at $798.80 down $17.90 while Jan canola was at $811.60 down $18.20.
Canola/Sunflower Weekly Comments October 16
Canola/Sunflower Weekly Comments October 16
Canola was closed for Canada’s Thanksgiving on Monday.
Canola opened Tuesday’s session with gains, but reversed direction and closed lower. Early support came from harvest concerns in Canada. Support also came from news that EPA will reallocate any lost biofuel volumes to 2026 and 2027 production. Gains were trimmed late in the session as once the US soybean market started to retreat, canola followed. Ukraine officials are estimating sunflower harvest at 66% complete. Rabobank is estimating Australia’s canola crop at 8.1 MMT, up 5%.
In Wednesday’s session canola was higher overnight and into the day session but faded late in the day session and closed with small losses. Overnight support came from the higher crude oil market. But as soybeans and soybean oil lost ground in the day session, they pulled canola down with them. Losses were limited by the weaker Canadian dollar. Manitoba reported their canola harvest at 86% complete vs. 74% last week and 96% complete last year.
On Thursday canola dropped lower at the start of the overnight session, tried to trim some of the losses early in the day session but failed and closed near the session lows. Canola is sitting at its lowest level since late August. Pressure came from the losses in the soybean market, as well as the lower Malaysian palm oil and European rapeseed markets. Harvest pressure added to the losses. Saskatchewan reported their canola harvest as of Oct 12 at 89% complete vs. 73% last week with an average yield of 40 bu.
Thursday’s cash sunflower bids in Fargo were at $26.50. Cash canola bids in Fargo were at $25.75. Cash canola bids in Velva were at $24.57.
As of October 11, North Dakota’s canola harvest was 97% complete vs. 94% last week and 93% average.
As of October 11, North Dakota’s sunflowers turning yellow were at 97% vs. 93% last week and 95% average. Sunflowers turning brown were at 86% vs. 69% last week and 81% average. Sunflower harvest was at 22% complete vs. 10% last week and 13% average.
For the week, Nov canola was at $798.80 down $17.90 while Jan canola was at $811.60 down $18.20.