To start the week, canola saw losses overnight and those losses accelerated in the day session and the market closed sharply lower. Pressure came from the losses in the soybean complex, especially the steep losses in the soybean oil market. The lower European rapeseed and Malaysian palm oil markets added to the losses. Tariff concerns also pressured canola as tariffs on Canadian goods coming into the US are scheduled to start March 4 unless negotiations this week push the date back again.
Canola traded back and forth in a choppy session on Tuesday and closed with small losses. Tariff concerns pressured canola as tariffs on Canadian goods coming into the US are set to go into effect on March 4. The US is by far the largest importer of Canada’s canola oil. Spillover pressure from the sharply lower crude oil market added to the losses. Losses were limited by the gains in the Malaysian palm oil and European rapeseed markets.
In Wednesday’s session canola traded mostly on the higher side in a choppy session and closed with gains. Short covering in the day session supported the market. Tight supplies added support; tariff concerns put a lid on the gains. Tariffs on good coming into the US from Canada are scheduled to go into effect March 4. The losses in the soybean complex also limited gains.
Canola saw gains overnight but fell lower throughout Thursday’s day session and closed solidly lower. Overnight gains were due to comments from President Trump on Wednesday that implied he might delay tariffs on Canadian goods for another month. But Thursday morning Trump stated the tariffs will go into effect on March 4, which pulled canola lower. The lower soybean complex and sharply lower Malaysian palm oil market added to the losses. Tight supplies and the weaker Canadian dollar limited losses.
Thursday’s cash sunflower bids in Fargo were at $27.00. Cash canola bids in West Fargo were at $19.90. Cash canola bids in Velva were at $19.61.
For the week, March canola was at $635.40 down $32.40 while May canola was at $651.10 down $28.60.
For the month, March canola was down $2.70 while May canola was up $5.90.
Canola/Sunflower Weekly Comments February 28
Canola/Sunflower Weekly Comments February 28
To start the week, canola saw losses overnight and those losses accelerated in the day session and the market closed sharply lower. Pressure came from the losses in the soybean complex, especially the steep losses in the soybean oil market. The lower European rapeseed and Malaysian palm oil markets added to the losses. Tariff concerns also pressured canola as tariffs on Canadian goods coming into the US are scheduled to start March 4 unless negotiations this week push the date back again.
Canola traded back and forth in a choppy session on Tuesday and closed with small losses. Tariff concerns pressured canola as tariffs on Canadian goods coming into the US are set to go into effect on March 4. The US is by far the largest importer of Canada’s canola oil. Spillover pressure from the sharply lower crude oil market added to the losses. Losses were limited by the gains in the Malaysian palm oil and European rapeseed markets.
In Wednesday’s session canola traded mostly on the higher side in a choppy session and closed with gains. Short covering in the day session supported the market. Tight supplies added support; tariff concerns put a lid on the gains. Tariffs on good coming into the US from Canada are scheduled to go into effect March 4. The losses in the soybean complex also limited gains.
Canola saw gains overnight but fell lower throughout Thursday’s day session and closed solidly lower. Overnight gains were due to comments from President Trump on Wednesday that implied he might delay tariffs on Canadian goods for another month. But Thursday morning Trump stated the tariffs will go into effect on March 4, which pulled canola lower. The lower soybean complex and sharply lower Malaysian palm oil market added to the losses. Tight supplies and the weaker Canadian dollar limited losses.
Thursday’s cash sunflower bids in Fargo were at $27.00. Cash canola bids in West Fargo were at $19.90. Cash canola bids in Velva were at $19.61.
For the week, March canola was at $635.40 down $32.40 while May canola was at $651.10 down $28.60.
For the month, March canola was down $2.70 while May canola was up $5.90.