Canola's market went for a ride over the week ending July 12.
Canola
Up, then down, for canola
No weather market appearing
While there are challenges out there, so far North American growing conditions aren't sparking concern
Alberta crop conditions steady at 74 per cent good-to-excellent
Warm temperatures helped keep crop conditions well above average in Alberta during the week ended July 9, although heat stress could become a concern without cooler temperatures and more precipitation in the weeks ahead, according to the latest provincial crop report.
Cereals withstood storms better: CCHA
Approximately 1,000 crop damage claims made from storms between June 23 and July 1
“Numerous early season storms have resulted in a number of claims for the industry,” CCHA Chairman Scott McQueen of Palliser Insurance said in a statement. “Cereals have generally fared better as many were hit in the grassy stages of development and minimal damage to the plant was caused with environmental conditions being favourable so that crops that were hit by hail are able to recover.”
Saskatchewan Crop Report: Warm conditions advancing crop development
Warm and mostly dry conditions across Saskatchewan helped crops advance in their development during the week ended July 8, according to the latest provincial report.
ICE Canada Weekly: Canola likely to fall back
The Canadian oilseed began to pull back on July 8 as it became caught up in a selloff in the global oilseed market. The November contract finished at C$658.20 per tonne on July 5, gaining more than C$31 on the week. However, by the close on July 10, that contract dropped to C$617.90.
Manitoba Crop Report: Crops continue to withstand rain showers
Manitoba experienced variable amounts of precipitation during the week ended July 7 as crops continued to develop despite excess moisture in most areas.
Rain events continue to challenge Manitoba growers
Manitoba Crop Report: Issue 11
Fall rye and winter wheat are at the soft dough stage with the most advanced fields ripening. Spring wheat ranges from flag to heading stage with fungicide application for fusarium head blight occurring. Spring wheat quality is rated mostly fair to good with about 10 per cent of the crop being reported as poor in
Fund short position in canola at four-month high to start July
Fund traders continued to add to their large net short positions in canola as the calendar flipped to the final month of the 2023/24 marketing year for the crop, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
Warmer summer expected
The numbers confirm June was colder and wetter than average
June was as cool and wet as it felt, but there may be a weather change on the horizon as we get further into July.