Canola traded back and forth in a choppy session and closed with decent gains to start the week. Spillover support came from the gains in the soybean oil and crude oil markets. Gains were limited by slow exports as exports are running 1.0 MMT behind last year’s pace. However, that is being offset by increasing domestic demand. Alberta reported their canola harvest at 77% complete. Canadian Prime Minister Carney will meet with President Trump on Tuesday for trade discussions.
Canola slowly climbed higher throughout the session and closed with solid gains on Tuesday. Canola was supported by world vegetable oil markets as US soybean oil. European rapeseed and Malaysian palm oil were all higher today. Gains were limited by harvest pressure and poor export demand. Canadian Prime Minister Carney met with President Trump, but Carney did not speak with reporters after the meeting.
In Wednesday’s session canola traded back and forth on both sides of unchanged for most of the session. But the market gained about $5.00 in the last few minutes of the session to close with decent gains. Support came from the gains in the soybean complex and crude oil. Manitoba reported their canola harvest at 92% complete with an average yield of 45 bu/acre. Prime Minister Carney and President Trump reportedly had a friendly meeting Tuesday, but no deal was announced. Other Canadian officials are staying in D.C. for further discussions.
Canola ended Thursday’s session mixed with January seeing small gains while the rest of the contracts saw small losses. Pressure came from the losses in the soybean complex. Some traders believe Stats Canada’s current canola production estimate of 20.03 MMT is too low with some thinking the total is closing to 21.0 MMT. Losses were limited by Prime Minster Carney stating the US and Canada are negotiating a solution to their tariff issues after Carney and Trump met yesterday. Members of Carney’s administration stayed in D.C. for further discussions. Saskatchewan reported their canola harvest at 89% complete.
Thursday’s cash sunflower bids in Fargo were at $20.25. Cash canola bids in Fargo were at $19.15. Cash bids in Velva were at $18.17.
For the week, November canola was at $607.40 up $2.40 and January canola was at $622.60 up $4.50.
Canola/Sunflower Weekly Comments October 10
Canola/Sunflower Weekly Comments October 10
Canola traded back and forth in a choppy session and closed with decent gains to start the week. Spillover support came from the gains in the soybean oil and crude oil markets. Gains were limited by slow exports as exports are running 1.0 MMT behind last year’s pace. However, that is being offset by increasing domestic demand. Alberta reported their canola harvest at 77% complete. Canadian Prime Minister Carney will meet with President Trump on Tuesday for trade discussions.
Canola slowly climbed higher throughout the session and closed with solid gains on Tuesday. Canola was supported by world vegetable oil markets as US soybean oil. European rapeseed and Malaysian palm oil were all higher today. Gains were limited by harvest pressure and poor export demand. Canadian Prime Minister Carney met with President Trump, but Carney did not speak with reporters after the meeting.
In Wednesday’s session canola traded back and forth on both sides of unchanged for most of the session. But the market gained about $5.00 in the last few minutes of the session to close with decent gains. Support came from the gains in the soybean complex and crude oil. Manitoba reported their canola harvest at 92% complete with an average yield of 45 bu/acre. Prime Minister Carney and President Trump reportedly had a friendly meeting Tuesday, but no deal was announced. Other Canadian officials are staying in D.C. for further discussions.
Canola ended Thursday’s session mixed with January seeing small gains while the rest of the contracts saw small losses. Pressure came from the losses in the soybean complex. Some traders believe Stats Canada’s current canola production estimate of 20.03 MMT is too low with some thinking the total is closing to 21.0 MMT. Losses were limited by Prime Minster Carney stating the US and Canada are negotiating a solution to their tariff issues after Carney and Trump met yesterday. Members of Carney’s administration stayed in D.C. for further discussions. Saskatchewan reported their canola harvest at 89% complete.
Thursday’s cash sunflower bids in Fargo were at $20.25. Cash canola bids in Fargo were at $19.15. Cash bids in Velva were at $18.17.
For the week, November canola was at $607.40 up $2.40 and January canola was at $622.60 up $4.50.