Canola traded on the higher side for most of Monday’s choppy session and closed with gains. Support came from the higher soybean and soybean oil markets, as well as the higher European rapeseed market. Gains were limited by the higher Canadian dollar. Gains were also limited by President-elect Trump’s statement he still intends to put broad tariffs on goods coming into the US. That would be negative for Canada’s canola oil industry as the US is the largest buyer of Canadian canola oil.
On Tuesday canola opened and stayed on the lower side in a choppy session but closed off the lows of the day. Technical selling pulled the market lower. Losses were limited by the strong gains in the soybean oil market. China’s rapeseed futures dropped to a 3-week low on news of Prime Minister Trudeau’s plan to resign as that may reduce trade tensions between China and Canada.
In Wednesday’s session canola opened lower but was able to get on the positive side midway through the overnight session. The market added to the gains in the day session and closed with solid gains. Support came from the higher soybean oil and European rapeseed markets. The weaker Canadian dollar added to the gains. Gains were limited by the losses in the Malaysian palm oil market.
Canola traded mostly on the lower side in Thursday’s choppy session and closed with losses. Overnight pressure came from the lower Malaysian palm oil market which dropped to its lowest levels since October. Losses were limited by the strong gains in the soybean oil market.
Wednesday’s cash sunflower bids in Fargo were at $21.40. Cash canola bids in West Fargo were at $19.80. Cash canola bids in Velva were at $18.28.
For the week, March canola was at $641.60 up $17.60 while May canola was at $650.60 up $21.90.
Canola/Sunflower Weekly Comments January 10
Canola/Sunflower Weekly Comments January 10
Canola traded on the higher side for most of Monday’s choppy session and closed with gains. Support came from the higher soybean and soybean oil markets, as well as the higher European rapeseed market. Gains were limited by the higher Canadian dollar. Gains were also limited by President-elect Trump’s statement he still intends to put broad tariffs on goods coming into the US. That would be negative for Canada’s canola oil industry as the US is the largest buyer of Canadian canola oil.
On Tuesday canola opened and stayed on the lower side in a choppy session but closed off the lows of the day. Technical selling pulled the market lower. Losses were limited by the strong gains in the soybean oil market. China’s rapeseed futures dropped to a 3-week low on news of Prime Minister Trudeau’s plan to resign as that may reduce trade tensions between China and Canada.
In Wednesday’s session canola opened lower but was able to get on the positive side midway through the overnight session. The market added to the gains in the day session and closed with solid gains. Support came from the higher soybean oil and European rapeseed markets. The weaker Canadian dollar added to the gains. Gains were limited by the losses in the Malaysian palm oil market.
Canola traded mostly on the lower side in Thursday’s choppy session and closed with losses. Overnight pressure came from the lower Malaysian palm oil market which dropped to its lowest levels since October. Losses were limited by the strong gains in the soybean oil market.
Wednesday’s cash sunflower bids in Fargo were at $21.40. Cash canola bids in West Fargo were at $19.80. Cash canola bids in Velva were at $18.28.
For the week, March canola was at $641.60 up $17.60 while May canola was at $650.60 up $21.90.