To start the week canola saw mostly small gains overnight and added to the gains in the day session to close higher. Technical buying and spillover support from the sharply higher soybean oil market supported canola. Gains were limited by the higher Canadian dollar.
On Tuesday canola traded mostly on the lower side in a choppy session but was able to get above unchanged late in the day session and closed with small gains. Early pressure came from the lower European rapeseed and Malaysian palm oil markets. Day session support came from the solid gains in the soybean complex. Pakistan received its first shipment of Canadian canola in 3 years. Pakistan spent the past 3 years setting up a system to handle import licenses for genetically modified crops and Canada finally got approval.
In Wednesday’s session canola saw small losses overnight and then added to the losses in the day session. But the market was able to trim some of the losses late in the day session. The market was pressured by the lower vegetable oil markets as soybean oil, Malaysian palm oil and European rapeseed were all lower. Technical selling added pressure as canola hit resistance levels. But late gains in the soybean market helped canola trim losses.
Canola spent Thursday’s session on the higher side and closed with solid gains. Support came from the strong gains in the soybean complex. Support also came from China announcing its anti-dumping investigation into Canadian canola has been extended to March 9 and that China will make a “fair and final ruling.” Gains were limited by the sharply lower crude oil market.
Thursday’s cash sunflower bids in Fargo were at $22.80. Cash canola bids in Fargo were at $22.10. Cash bids in Velva were at $20.94.
For the week, March canola was at $663.50 up $2.70 while May canola was at $675.10 up $4.00.
Canola/Sunflower Weekly Comments February 13
Canola/Sunflower Weekly Comments February 13
To start the week canola saw mostly small gains overnight and added to the gains in the day session to close higher. Technical buying and spillover support from the sharply higher soybean oil market supported canola. Gains were limited by the higher Canadian dollar.
On Tuesday canola traded mostly on the lower side in a choppy session but was able to get above unchanged late in the day session and closed with small gains. Early pressure came from the lower European rapeseed and Malaysian palm oil markets. Day session support came from the solid gains in the soybean complex. Pakistan received its first shipment of Canadian canola in 3 years. Pakistan spent the past 3 years setting up a system to handle import licenses for genetically modified crops and Canada finally got approval.
In Wednesday’s session canola saw small losses overnight and then added to the losses in the day session. But the market was able to trim some of the losses late in the day session. The market was pressured by the lower vegetable oil markets as soybean oil, Malaysian palm oil and European rapeseed were all lower. Technical selling added pressure as canola hit resistance levels. But late gains in the soybean market helped canola trim losses.
Canola spent Thursday’s session on the higher side and closed with solid gains. Support came from the strong gains in the soybean complex. Support also came from China announcing its anti-dumping investigation into Canadian canola has been extended to March 9 and that China will make a “fair and final ruling.” Gains were limited by the sharply lower crude oil market.
Thursday’s cash sunflower bids in Fargo were at $22.80. Cash canola bids in Fargo were at $22.10. Cash bids in Velva were at $20.94.
For the week, March canola was at $663.50 up $2.70 while May canola was at $675.10 up $4.00.