Canola traded mostly on the higher side in Monday’s choppy session and closed with decent gains. Support came from the strong gains in the soybean oil market. Gains were limited by improving conditions that should keep harvest moving. As of Sept 29, Alberta’s canola harvest was just 31% complete vs. 77% at the same time last year due to wet conditions.
In Tuesday’s session canola was lower for most of the overnight session but climbed higher in the day session and closed with solid gains. Support spilled over from the strong gains in the soybean complex. Support also came from forecasts that have added rain mid-week through the weekend for part of the Canadian Prairies. Gains were limited by the stronger Canadian dollar.
Canola saw small gains early in the overnight session but then drifted lower the rest of Wednesday’s session and closed solidly lower. Pressure came from the sharply lower soybean oil market. Harvest pressure added to the losses. As of October 6, Manitoba’s canola harvest was 74% complete vs. 57% last week as drier conditions helped harvest get back on track. Yields are coming in below average to average. Losses were limited by improving crush margins.
In Thursday’s session canola climbed higher in the overnight session, then pulled back a bit in the day session but still closed with solid gains. Support spilled over from the sharply higher crude market as tensions escalated in both wars. Harvest pressure limited gains. Snow is in the forecast for the southern half of Alberta.
Thursday’s cash sunflower bids in Fargo were at $27.00. Cash canola bids in Fargo were at $25.45. Cash bids in Velva were at $24.58.
As of October 4, North Dakota’s canola harvest was 94% complete vs. 85% last week and 88% average.
As of October 4, North Dakota’s sunflowers turning yellow were at 93% vs. 84% last week and 89% average. Sunflowers turning brown were at 69% vs. 53% last week and 65% average. Sunflower harvest was at 10% complete vs. 3% last week and 4% average. The sunflower crop condition rating increased 2% to 42% g/e, 44% fair, and 14% p/vp.
For the week, Nov canola was at $816.70 up $1.20. Jan canola closed at $829.80 up $1.10.
Canola/Sunflower Weekly Comments October 9
Canola/Sunflower Weekly Comments October 9
Canola traded mostly on the higher side in Monday’s choppy session and closed with decent gains. Support came from the strong gains in the soybean oil market. Gains were limited by improving conditions that should keep harvest moving. As of Sept 29, Alberta’s canola harvest was just 31% complete vs. 77% at the same time last year due to wet conditions.
In Tuesday’s session canola was lower for most of the overnight session but climbed higher in the day session and closed with solid gains. Support spilled over from the strong gains in the soybean complex. Support also came from forecasts that have added rain mid-week through the weekend for part of the Canadian Prairies. Gains were limited by the stronger Canadian dollar.
Canola saw small gains early in the overnight session but then drifted lower the rest of Wednesday’s session and closed solidly lower. Pressure came from the sharply lower soybean oil market. Harvest pressure added to the losses. As of October 6, Manitoba’s canola harvest was 74% complete vs. 57% last week as drier conditions helped harvest get back on track. Yields are coming in below average to average. Losses were limited by improving crush margins.
In Thursday’s session canola climbed higher in the overnight session, then pulled back a bit in the day session but still closed with solid gains. Support spilled over from the sharply higher crude market as tensions escalated in both wars. Harvest pressure limited gains. Snow is in the forecast for the southern half of Alberta.
Thursday’s cash sunflower bids in Fargo were at $27.00. Cash canola bids in Fargo were at $25.45. Cash bids in Velva were at $24.58.
As of October 4, North Dakota’s canola harvest was 94% complete vs. 85% last week and 88% average.
As of October 4, North Dakota’s sunflowers turning yellow were at 93% vs. 84% last week and 89% average. Sunflowers turning brown were at 69% vs. 53% last week and 65% average. Sunflower harvest was at 10% complete vs. 3% last week and 4% average. The sunflower crop condition rating increased 2% to 42% g/e, 44% fair, and 14% p/vp.
For the week, Nov canola was at $816.70 up $1.20. Jan canola closed at $829.80 up $1.10.