To start the week canola traded on the higher side overnight and added to the gains in the day session. The market trimmed some of the gains late in the day session but still closed with solid gains. Support came from the strong gains in the soybean complex, as well as the higher Malaysian palm oil and European rapeseed markets. Bargain buying after canola hit 16-month lows last week added to the gains. Marketing year to date Canadian canola exports are at 2.661 MMT vs. 4.533 MMT at the same time last year. 121,000 MT were exported last week.
In Tuesday’s session canola saw mostly small gains overnight and then climbed higher and saw the session highs early in the day session. The market trimmed the gains late in the day session but still closed higher. Speculative buying and short covering supported canola. Rumors that China might be buying Canadian canola through third parties added to the gains. Gains were limited by the losses in the soybean complex.
Canola climbed higher in the first part of Wednesday’s day session and then traded in a steady range for the rest of the session to close with solid gains. Trade optimism supported the market as it was announced Canada’s prime minster will visit China next week to thaw relations and get trade discussions back on track. China put a 76% tariff on Canadian canola back in Oct. 2024 after Canada put a 100% tariff on imports of Chinese electric vehicles. China is Canada’s second largest trading partner and the biggest buyer of Canadian canola. Gains in the soybean market added support. But record production and slow export demand limited gains.
Canola climbed higher throughout Thursday’s session and closed with strong gains. Spillover support came from the sharply higher crude oil market, which was higher on President Trump giving a green light to a Senate bill that would place sanctions on Russia and countries that buy Russian oil. Trade optimism after it was announced Canada’s prime minister will travel to China next week to thaw relations and discuss trade added support. The weaker Canadian dollar also added to the gains.
Thursday’s cash sunflower bids in Fargo were at $22.60. Cash canola bids in Fargo were at $20.30. Cash bids in Velva were at $19.49.
For the week, March canola was at $623.70 up $19.80 while May canola was at $633.00 up $18.60.
Canola/Sunflower Weekly Comments January 9
Canola/Sunflower Weekly Comments January 9
To start the week canola traded on the higher side overnight and added to the gains in the day session. The market trimmed some of the gains late in the day session but still closed with solid gains. Support came from the strong gains in the soybean complex, as well as the higher Malaysian palm oil and European rapeseed markets. Bargain buying after canola hit 16-month lows last week added to the gains. Marketing year to date Canadian canola exports are at 2.661 MMT vs. 4.533 MMT at the same time last year. 121,000 MT were exported last week.
In Tuesday’s session canola saw mostly small gains overnight and then climbed higher and saw the session highs early in the day session. The market trimmed the gains late in the day session but still closed higher. Speculative buying and short covering supported canola. Rumors that China might be buying Canadian canola through third parties added to the gains. Gains were limited by the losses in the soybean complex.
Canola climbed higher in the first part of Wednesday’s day session and then traded in a steady range for the rest of the session to close with solid gains. Trade optimism supported the market as it was announced Canada’s prime minster will visit China next week to thaw relations and get trade discussions back on track. China put a 76% tariff on Canadian canola back in Oct. 2024 after Canada put a 100% tariff on imports of Chinese electric vehicles. China is Canada’s second largest trading partner and the biggest buyer of Canadian canola. Gains in the soybean market added support. But record production and slow export demand limited gains.
Canola climbed higher throughout Thursday’s session and closed with strong gains. Spillover support came from the sharply higher crude oil market, which was higher on President Trump giving a green light to a Senate bill that would place sanctions on Russia and countries that buy Russian oil. Trade optimism after it was announced Canada’s prime minister will travel to China next week to thaw relations and discuss trade added support. The weaker Canadian dollar also added to the gains.
Thursday’s cash sunflower bids in Fargo were at $22.60. Cash canola bids in Fargo were at $20.30. Cash bids in Velva were at $19.49.
For the week, March canola was at $623.70 up $19.80 while May canola was at $633.00 up $18.60.