In Monday’s session canola traded on both sides of unchanged overnight but climbed higher in the day session and closed with solid gains. Support came from the sharply higher soybean complex. Gains were due in part to the NOPA October crush report. Oct. crush was at 277.6 MB, which shattered the prior all-time record of 206.6 MB. The higher European rapeseed market added to the gains. Slow export demand kept a lid on the gains.
Canola traded back and forth in a very choppy session on Tuesday but was able to close with decent gains. Spillover support came from the sharply higher soybean oil market. A lack of farmer selling was also supportive. Australia has begun shipping canola to China for the first time in 5 years. China needs a replacement for Canadian canola as China has placed huge retaliatory tariffs on Canadian canola.
Canola traded mostly on the lower side in Wednesday’s choppy session and closed lower. Pressure came from the steep losses in the soybean oil market, down over $1.00 today. Profit taking and technical selling added to the losses. A delegation of Canadian food exporters met with lawmakers in D.C. to stress the importance of tariff free trade between the countries.
In Thursday’s session canola traded mostly on the higher side overnight, saw the session highs early in the day session but then faded and closed just below unchanged. Bargain buying after Wednesday’s losses supported the market overnight. Day session pressure came from the losses in the soybean complex and Malaysian palm oil market. Losses were limited by the weaker Canadian dollar.
Thursday’s cash sunflower bids in Fargo were at $21.25. Cash canola bids in Fargo were at $20.45. Cash bids in Velva were at $19.86.
For the week, January canola closed at $641.10 down $6.40 while March canola closed at $653.70 down $4.90.
Canola/Sunflower Weekly Comments November 21
Canola/Sunflower Weekly Comments November 21
In Monday’s session canola traded on both sides of unchanged overnight but climbed higher in the day session and closed with solid gains. Support came from the sharply higher soybean complex. Gains were due in part to the NOPA October crush report. Oct. crush was at 277.6 MB, which shattered the prior all-time record of 206.6 MB. The higher European rapeseed market added to the gains. Slow export demand kept a lid on the gains.
Canola traded back and forth in a very choppy session on Tuesday but was able to close with decent gains. Spillover support came from the sharply higher soybean oil market. A lack of farmer selling was also supportive. Australia has begun shipping canola to China for the first time in 5 years. China needs a replacement for Canadian canola as China has placed huge retaliatory tariffs on Canadian canola.
Canola traded mostly on the lower side in Wednesday’s choppy session and closed lower. Pressure came from the steep losses in the soybean oil market, down over $1.00 today. Profit taking and technical selling added to the losses. A delegation of Canadian food exporters met with lawmakers in D.C. to stress the importance of tariff free trade between the countries.
In Thursday’s session canola traded mostly on the higher side overnight, saw the session highs early in the day session but then faded and closed just below unchanged. Bargain buying after Wednesday’s losses supported the market overnight. Day session pressure came from the losses in the soybean complex and Malaysian palm oil market. Losses were limited by the weaker Canadian dollar.
Thursday’s cash sunflower bids in Fargo were at $21.25. Cash canola bids in Fargo were at $20.45. Cash bids in Velva were at $19.86.
For the week, January canola closed at $641.10 down $6.40 while March canola closed at $653.70 down $4.90.