While the US markets were closed on Monday, Canadian markets were open and canola closed with mostly small gains.
In Tuesday’s session the market added to Monday’s gains overnight only to fade in the day session and closed lower. Overnight support came from rumors that China bought 60,000 MT of Canadian canola after the two countries agreed to lower tariffs late last week. But as the soybean and soybean markets lost ground in the day session, they pulled canola down with them.
Canola saw small gains overnight and added to the gains in Wednesday’s day session to close with strong gains. Spillover support came from the sharply higher soybean oil market. Export optimism was also supportive after China reportedly bought 60,000 MT of Canadian canola. Analysts think China may purchase 2.0 MMT of Canadian canola this marketing year and 4.0 to 4.5 MMT next marketing year. Gains were limited by a Chinese analyst putting Australia’s canola production at 7.65 MMT vs. the Australian government’s estimate of 7.23 MMT. The analyst also predicts production in western Australia to be a record high.
Canola spent most of Thursday’s session on the lower side in a choppy session and closed with minor gains. Support came from export optimism as China has re-started buying Canadian canola. Agriculture and Agri-Food Canada estimates 2026/27 canola production at 19.2 MMT, down from this past year’s record of 21.8 MMT. Gains were limited by the losses in the soybean oil market.
Cash sunflower bids in Fargo were at $22.40. Cash canola bids in Fargo were at nq. Cash bids in Velva were at $20.30.
For the week, March canola was at $651.70 up $12.70 while May canola was at $662.60 up $12.80.
Canola/Sunflower Weekly Comments January 23
Canola/Sunflower Weekly Comments January 23
While the US markets were closed on Monday, Canadian markets were open and canola closed with mostly small gains.
In Tuesday’s session the market added to Monday’s gains overnight only to fade in the day session and closed lower. Overnight support came from rumors that China bought 60,000 MT of Canadian canola after the two countries agreed to lower tariffs late last week. But as the soybean and soybean markets lost ground in the day session, they pulled canola down with them.
Canola saw small gains overnight and added to the gains in Wednesday’s day session to close with strong gains. Spillover support came from the sharply higher soybean oil market. Export optimism was also supportive after China reportedly bought 60,000 MT of Canadian canola. Analysts think China may purchase 2.0 MMT of Canadian canola this marketing year and 4.0 to 4.5 MMT next marketing year. Gains were limited by a Chinese analyst putting Australia’s canola production at 7.65 MMT vs. the Australian government’s estimate of 7.23 MMT. The analyst also predicts production in western Australia to be a record high.
Canola spent most of Thursday’s session on the lower side in a choppy session and closed with minor gains. Support came from export optimism as China has re-started buying Canadian canola. Agriculture and Agri-Food Canada estimates 2026/27 canola production at 19.2 MMT, down from this past year’s record of 21.8 MMT. Gains were limited by the losses in the soybean oil market.
Cash sunflower bids in Fargo were at $22.40. Cash canola bids in Fargo were at nq. Cash bids in Velva were at $20.30.
For the week, March canola was at $651.70 up $12.70 while May canola was at $662.60 up $12.80.