The canola market was closed Monday for Canada’s Thanksgiving holiday.
After Monday’s holiday, canola gapped higher at the start of the overnight session and then added to the gains to close solidly higher. Support came from comments from China’s ambassador to Canada. He said if Canada removes its tariffs on Chinese electric vehicles, China will then remove its tariffs on Canadian products (including canola). Harvest pressure is also lessening as canola harvest wraps up across the Canadian Prairies. Light pressure came from the losses in the soybean complex.
In Wednesday’s session canola was mostly higher overnight and added to the gains in the day session. The market did trim the gains a bit late in the day session but still closed with decent gains. Optimism on trade relations thawing between China and Canada supported canola. Technical buying added to the gains. The gains in the soybean oil market as well as the Malaysian palm oil and European rapeseed markets were also supportive.
Canola traded back and forth on both sides of unchanged but faded in the second half of Thursday’s day session and closed lower. Reduced trade optimism pulled canola lower as Prime Minister Carney sidestepped questions about Canada dropping tariffs on Chinese electric vehicles in exchange for China dropping their tariffs on Canadian goods, which would include canola. Gains in the soybean complex fading in the day session also pressured canola. Manitoba reported their canola harvest at 96% complete with the average yield at 45 bu/acre while Saskatchewan reported their canola harvest at 98% complete.
Thursday’s cash sunflower bids in Fargo were at $20.50. Cash canola bids in Fargo were at $19.75. Cash bids in Velva were at $18.16.
For the week, November canola was at $616.20 up $8.80 and January canola was at $630.30 up $7.70
Canola/Sunflower Weekly Comments October 17
Canola/Sunflower Weekly Comments October 17
The canola market was closed Monday for Canada’s Thanksgiving holiday.
After Monday’s holiday, canola gapped higher at the start of the overnight session and then added to the gains to close solidly higher. Support came from comments from China’s ambassador to Canada. He said if Canada removes its tariffs on Chinese electric vehicles, China will then remove its tariffs on Canadian products (including canola). Harvest pressure is also lessening as canola harvest wraps up across the Canadian Prairies. Light pressure came from the losses in the soybean complex.
In Wednesday’s session canola was mostly higher overnight and added to the gains in the day session. The market did trim the gains a bit late in the day session but still closed with decent gains. Optimism on trade relations thawing between China and Canada supported canola. Technical buying added to the gains. The gains in the soybean oil market as well as the Malaysian palm oil and European rapeseed markets were also supportive.
Canola traded back and forth on both sides of unchanged but faded in the second half of Thursday’s day session and closed lower. Reduced trade optimism pulled canola lower as Prime Minister Carney sidestepped questions about Canada dropping tariffs on Chinese electric vehicles in exchange for China dropping their tariffs on Canadian goods, which would include canola. Gains in the soybean complex fading in the day session also pressured canola. Manitoba reported their canola harvest at 96% complete with the average yield at 45 bu/acre while Saskatchewan reported their canola harvest at 98% complete.
Thursday’s cash sunflower bids in Fargo were at $20.50. Cash canola bids in Fargo were at $19.75. Cash bids in Velva were at $18.16.
For the week, November canola was at $616.20 up $8.80 and January canola was at $630.30 up $7.70