To start the week canola gapped higher at the start of the overnight session and added to the gains. But in the day session canola trimmed most of the gains and closed with just small gains. Overnight gains spilled over from the strong gains in the soybean complex. Gains were trimmed by President Trump adding a 10% tariff to Canadian imports to the US as tensions have escalated again. Canadian Prime Minister Carney is scheduled to speak with Chinese President Xi at the summit in Malaysia this week to discuss tariff issues.
Canola traded on both sides of unchanged in a very choppy session on Tuesday but surged higher at the end of the session and closed with solid gains. Trade optimism supported canola as Carney and Xi may meet this week and there are reports Canada is considering removing its tariffs on Chinese electric vehicles. China previously said they would remove tariffs on canola if Canada removes the EV tariffs. Spillover support came from the gains in the soybean market. Technical buying also added to the gains.
Canola closed with small gains across the board on Wednesday. The market opened the session lower with selling spilling over from the lower US soybean market. Canola was able to shake off the early pressure due to reports that Carney and Xi are going to meet to talk about trade. Technical buying added support as most contracts are above their 50-day moving average. Overall gains in the world veg oil markets added support.
In Thursday’s session canola was mostly lower overnight but climbed higher in the day session to close with strong gains. Day session support came from official comments that Carney and Xi will meet on Friday to work on trade issues between the countries. Spillover support from the soybean market added to the gains. Saskatchewan reported their average canola yield for this year’s crop at 42.4 bu/acre.
Thursday’s cash sunflower bids in Fargo were at $21.00. Cash canola bids in Fargo were at $20.55. Cash bids in Velva were at $19.82.
For the week, November canola was at $622.80 up $5.30 and January canola was at $637.00 up $4.50.
For the month, November canola was up $17.60 and January canola was up $18.80.
Canola/Sunflower Weekly Comments October 31
Canola/Sunflower Weekly Comments October 31
To start the week canola gapped higher at the start of the overnight session and added to the gains. But in the day session canola trimmed most of the gains and closed with just small gains. Overnight gains spilled over from the strong gains in the soybean complex. Gains were trimmed by President Trump adding a 10% tariff to Canadian imports to the US as tensions have escalated again. Canadian Prime Minister Carney is scheduled to speak with Chinese President Xi at the summit in Malaysia this week to discuss tariff issues.
Canola traded on both sides of unchanged in a very choppy session on Tuesday but surged higher at the end of the session and closed with solid gains. Trade optimism supported canola as Carney and Xi may meet this week and there are reports Canada is considering removing its tariffs on Chinese electric vehicles. China previously said they would remove tariffs on canola if Canada removes the EV tariffs. Spillover support came from the gains in the soybean market. Technical buying also added to the gains.
Canola closed with small gains across the board on Wednesday. The market opened the session lower with selling spilling over from the lower US soybean market. Canola was able to shake off the early pressure due to reports that Carney and Xi are going to meet to talk about trade. Technical buying added support as most contracts are above their 50-day moving average. Overall gains in the world veg oil markets added support.
In Thursday’s session canola was mostly lower overnight but climbed higher in the day session to close with strong gains. Day session support came from official comments that Carney and Xi will meet on Friday to work on trade issues between the countries. Spillover support from the soybean market added to the gains. Saskatchewan reported their average canola yield for this year’s crop at 42.4 bu/acre.
Thursday’s cash sunflower bids in Fargo were at $21.00. Cash canola bids in Fargo were at $20.55. Cash bids in Velva were at $19.82.
For the week, November canola was at $622.80 up $5.30 and January canola was at $637.00 up $4.50.
For the month, November canola was up $17.60 and January canola was up $18.80.