Canola opened lower and continued to trade with losses throughout Monday’s session. Early selling pressure spilled over from the lower US soybean complex. Light selling was also tied to advancing harvest progress in Canada. Canola managed to trim losses late in the session with support coming from a firmer close in the soybean oil contract.
On Tuesday canola traded mostly on the lower side in a choppy session and closed with losses. Pressure came from the losses in the soybean complex, as well as from the lower Malaysian palm oil and European rapeseed markets. Fund selling added pressure. Canadian canola deliveries to elevators/crushers for Sept. totaled 2.75 MMT, up 44% from last Sept.
Canola traded on both sides of unchanged in a very choppy session and closed with small losses on Wednesday. Pressure spilled over from the lower soybean and soybean oil markets. Losses were limited by the strong gains in the crude oil market. Manitoba reported their canola harvest at 99% complete with yields below average to average.
In Thursday’s session canola opened steady but faded lower early in the overnight session and continued to extend session losses. Early selling spilled over from the lower US soybean complex. Losses were trimmed late in the session due to spillover support from the rally in soybean oil, which managed to end the session with gains. Light selling was also due to spill over pressure from the lower crude oil. Late support was also due to harvest nearing its end.
Thursday’s cash sunflower bids in Fargo were at $25.65. Cash canola bids in Fargo were at $25.45. Cash canola bids in Velva were at $24.27.
As of October 25, North Dakota’s sunflowers turning brown were at 96% vs. 89% last week and 94% average. Sunflower harvest was at 46% complete vs. 31% last week and 40% average. ND’s sunflower crop rating dropped 4% to 40% g/e, 45% fair, and 15% p/vp.
For the week, Nov canola was at $776.10 down $2.70. Jan canola closed at $788.00 down $4.60.
For the month, Nov canola was down $47.60. Jan canola closed down $49.10.
Canola/Sunflower Weekly Comments October 30
Canola/Sunflower Weekly Comments October 30
Canola opened lower and continued to trade with losses throughout Monday’s session. Early selling pressure spilled over from the lower US soybean complex. Light selling was also tied to advancing harvest progress in Canada. Canola managed to trim losses late in the session with support coming from a firmer close in the soybean oil contract.
On Tuesday canola traded mostly on the lower side in a choppy session and closed with losses. Pressure came from the losses in the soybean complex, as well as from the lower Malaysian palm oil and European rapeseed markets. Fund selling added pressure. Canadian canola deliveries to elevators/crushers for Sept. totaled 2.75 MMT, up 44% from last Sept.
Canola traded on both sides of unchanged in a very choppy session and closed with small losses on Wednesday. Pressure spilled over from the lower soybean and soybean oil markets. Losses were limited by the strong gains in the crude oil market. Manitoba reported their canola harvest at 99% complete with yields below average to average.
In Thursday’s session canola opened steady but faded lower early in the overnight session and continued to extend session losses. Early selling spilled over from the lower US soybean complex. Losses were trimmed late in the session due to spillover support from the rally in soybean oil, which managed to end the session with gains. Light selling was also due to spill over pressure from the lower crude oil. Late support was also due to harvest nearing its end.
Thursday’s cash sunflower bids in Fargo were at $25.65. Cash canola bids in Fargo were at $25.45. Cash canola bids in Velva were at $24.27.
As of October 25, North Dakota’s sunflowers turning brown were at 96% vs. 89% last week and 94% average. Sunflower harvest was at 46% complete vs. 31% last week and 40% average. ND’s sunflower crop rating dropped 4% to 40% g/e, 45% fair, and 15% p/vp.
For the week, Nov canola was at $776.10 down $2.70. Jan canola closed at $788.00 down $4.60.
For the month, Nov canola was down $47.60. Jan canola closed down $49.10.