Canola closed lower across the board on Monday. Like the other grains, canola opened the session lower but shook off the early selling pressure and pushed higher to post small gains in the overnight. But once the US soybean complex faded lower, canola was pulled with it. Spill over pressure was also due to the lower crude oil.
Canola opened Tuesday’s session higher but faded its gains early and reversed to end the session in the red. Early support came from the US soybeans complex and higher crude oil. But once the US soybean market turned lower, canola followed. Solid crush margins kept a lid on pressure.
In Wednesday’s session canola opened on the lower side of the fence and continued to trade with losses throughout the night but found support once the day session kicked into gear. Early selling was tied to spill over pressure from the lower crude oil market. Additional selling came from technical selling. Once the day session started, canola found support from the rallying US soybean complex. A lower Canadian dollar combined with solid crush markets to add support.
Canola traded mostly on the higher side in Thursday’s choppy session and closed with small gains. Support spillover over from the higher crude oil and soybean oil markets. Gains were limited by large ending stocks and slowing export demand.
Thursday’s cash sunflower bids in Fargo were at $23.75. Cash canola bids in Fargo were at $23.30. Cash bids in Velva were at $22.41.
For the week, May canola was at $720.50 down $6.00 while Nov canola was at $727.90 down $3.90.
Canola/Sunflower Weekly Comments March 27
Canola/Sunflower Weekly Comments March 27
Canola closed lower across the board on Monday. Like the other grains, canola opened the session lower but shook off the early selling pressure and pushed higher to post small gains in the overnight. But once the US soybean complex faded lower, canola was pulled with it. Spill over pressure was also due to the lower crude oil.
Canola opened Tuesday’s session higher but faded its gains early and reversed to end the session in the red. Early support came from the US soybeans complex and higher crude oil. But once the US soybean market turned lower, canola followed. Solid crush margins kept a lid on pressure.
In Wednesday’s session canola opened on the lower side of the fence and continued to trade with losses throughout the night but found support once the day session kicked into gear. Early selling was tied to spill over pressure from the lower crude oil market. Additional selling came from technical selling. Once the day session started, canola found support from the rallying US soybean complex. A lower Canadian dollar combined with solid crush markets to add support.
Canola traded mostly on the higher side in Thursday’s choppy session and closed with small gains. Support spillover over from the higher crude oil and soybean oil markets. Gains were limited by large ending stocks and slowing export demand.
Thursday’s cash sunflower bids in Fargo were at $23.75. Cash canola bids in Fargo were at $23.30. Cash bids in Velva were at $22.41.
For the week, May canola was at $720.50 down $6.00 while Nov canola was at $727.90 down $3.90.