In Tuesday’s session canola traded back and forth in a choppy session and closed with gains. Early pressure came from demand worries and losses in the soybean complex. Day session support came from the solid gains in the soybean oil market. Alberta reported their canola harvest 0.4% complete.
Canola slowly drifted lower for the entire session on Wednesday and closed with double-digit losses. Pressure came from expectations of a large crop and demand worries. The lower soybean complex added pressure, as well as the lower Malaysian palm oil and European rapeseed markets. Some traders think the market could bottom out at $580/tonne.
In Thursday’s session canola opened higher overnight but turned lower midway through the overnight session. The market got on the positive side late in the day session and closed with decent gains. Bargain buying after the market hit 5-month lows supported canola. Light support came from the small gains in the soybean complex and Malaysian palm oil market. Gains were limited by harvest pressure. Manitoba reported their canola harvest at 10% complete.
Thursday’s cash sunflower bids in Fargo were at $26.00. Cash canola bids in West Fargo were at $19.70. Cash canola bids in Velva were at $18.79.
As of August 31, North Dakota’s sunflower crop condition rating was unchanged at 67% g/e, 29% fair, and 4% p/vp.
As of August 31, North Dakota’s canola crop condition rating increased 9% to 72% g/e, 24% fair, and 4% p/vp. Canola harvest is 31% complete vs. 20% last week and 30% average.
For the week, November canola was at $616.80 down $9.60 and January canola was at $628.20 down $10.10.
Canola/Sunflower Weekly Comments September 5
Canola/Sunflower Weekly Comments September 5
The Canadian markets were also closed on Monday.
In Tuesday’s session canola traded back and forth in a choppy session and closed with gains. Early pressure came from demand worries and losses in the soybean complex. Day session support came from the solid gains in the soybean oil market. Alberta reported their canola harvest 0.4% complete.
Canola slowly drifted lower for the entire session on Wednesday and closed with double-digit losses. Pressure came from expectations of a large crop and demand worries. The lower soybean complex added pressure, as well as the lower Malaysian palm oil and European rapeseed markets. Some traders think the market could bottom out at $580/tonne.
In Thursday’s session canola opened higher overnight but turned lower midway through the overnight session. The market got on the positive side late in the day session and closed with decent gains. Bargain buying after the market hit 5-month lows supported canola. Light support came from the small gains in the soybean complex and Malaysian palm oil market. Gains were limited by harvest pressure. Manitoba reported their canola harvest at 10% complete.
Thursday’s cash sunflower bids in Fargo were at $26.00. Cash canola bids in West Fargo were at $19.70. Cash canola bids in Velva were at $18.79.
As of August 31, North Dakota’s sunflower crop condition rating was unchanged at 67% g/e, 29% fair, and 4% p/vp.
As of August 31, North Dakota’s canola crop condition rating increased 9% to 72% g/e, 24% fair, and 4% p/vp. Canola harvest is 31% complete vs. 20% last week and 30% average.
For the week, November canola was at $616.80 down $9.60 and January canola was at $628.20 down $10.10.