To start the week canola was mostly higher overnight but turned lower early in the day session and closed with losses. Overnight support came from the gains in the soybean complex. But losses in Malaysian palm oil and European rapeseed markets pressured canola in the day session. The Canadian Grain Commission reported marketing year to date total exports at 4.39 MMT vs. 2.42 MMT at the same time last year and domestic use at 4.61 MMT vs. 4.18 MMT at this time last year.
In Tuesday’s session canola spent most of the overnight session on the lower side but got back on the positive side early in the day session. The market did trim losses a bit late in the session but still closed with small gains. Support came from the strong gains in the soybean market. Improving crush margins were also supportive. Gains were limited by the losses in the Malaysian palm oil market.
After Wednesday’s holiday, canola gapped higher at the start of the overnight session and remained on the higher side for the rest of a choppy session that closed with solid gains. Spillover support came from the sharply higher crude oil market. The higher European rapeseed market and weaker Canadian dollar added to the gains. Gains were limited by losses in the Malaysian palm oil market on uncertainty about Indonesia’s biodiesel blend that was supposed to increase from 35% to 40% on Jan. 1, 2025. The government has not yet given the green light to increase the blend.
USDA’s projected per acre payment for the $10 Billion Ag Economic Program for sunflowers is $23.38. Canola’s payment is estimated at $26.76.
Thursday’s cash sunflower bids in Fargo were at $20.90. Cash canola bids in West Fargo were at $19.50. Cash canola bids in Velva were at $17.98.
For the week, March canola was at $624.00 up $6.80 while May canola was at $628.70 up $5.20.
For the month, March canola was up $30.00 while May canola was up $27.70.
For the year, March canola was down $37.50 while May canola was down $37.20.
Canola/Sunflower Weekly Comments January 3
Canola/Sunflower Weekly Comments January 3
To start the week canola was mostly higher overnight but turned lower early in the day session and closed with losses. Overnight support came from the gains in the soybean complex. But losses in Malaysian palm oil and European rapeseed markets pressured canola in the day session. The Canadian Grain Commission reported marketing year to date total exports at 4.39 MMT vs. 2.42 MMT at the same time last year and domestic use at 4.61 MMT vs. 4.18 MMT at this time last year.
In Tuesday’s session canola spent most of the overnight session on the lower side but got back on the positive side early in the day session. The market did trim losses a bit late in the session but still closed with small gains. Support came from the strong gains in the soybean market. Improving crush margins were also supportive. Gains were limited by the losses in the Malaysian palm oil market.
After Wednesday’s holiday, canola gapped higher at the start of the overnight session and remained on the higher side for the rest of a choppy session that closed with solid gains. Spillover support came from the sharply higher crude oil market. The higher European rapeseed market and weaker Canadian dollar added to the gains. Gains were limited by losses in the Malaysian palm oil market on uncertainty about Indonesia’s biodiesel blend that was supposed to increase from 35% to 40% on Jan. 1, 2025. The government has not yet given the green light to increase the blend.
USDA’s projected per acre payment for the $10 Billion Ag Economic Program for sunflowers is $23.38. Canola’s payment is estimated at $26.76.
Thursday’s cash sunflower bids in Fargo were at $20.90. Cash canola bids in West Fargo were at $19.50. Cash canola bids in Velva were at $17.98.
For the week, March canola was at $624.00 up $6.80 while May canola was at $628.70 up $5.20.
For the month, March canola was up $30.00 while May canola was up $27.70.
For the year, March canola was down $37.50 while May canola was down $37.20.