To start the week canola jumped about $6.00 higher at the start of the overnight session and then traded in a choppy fashion for the rest of the session but still closed with strong gains. Early support spilled over from the sharply higher soybean oil and Malaysian palm oil markets on news that Indonesia is moving from a B40 biodiesel blend to a B50 this year. The gains in the crude oil market and weaker Canadian dollar added to the gains.
Canola traded mostly on the higher side in Tuesday’s choppy session and closed with decent gains. Support spilled over from the double-digit gains in the soybean market as soybean acres came in lower than expected. In USDA’s Prospective Plantings report, canola acres were estimated at 2.685 million, up 346,500 acres (or 14.8%) over last year. USDA estimated all sunflower acres at 1.386 million, up 97,300 acres (or 7.6%) from last year.
In Wednesday’s session canola was briefly higher early in the overnight session but soon turned lower. The market added to the losses in the day session to close solidly lower. Pressure came from the steep losses in the soybean oil market. Pressure also spilled over from the lower crude oil market on President Trump’s comments that the conflict with Iran will soon be over. The higher Canadian dollar added to the losses.
Thursday’s cash sunflower bids in Fargo were at $23.50. Cash canola bids in Fargo were at $23.20. Cash bids in Velva were at $22.30.
For the week, May canola was at $727.00 up $6.50 while Nov canola was at $733.80 up $1.56.
For the month, May canola was up $44.10 and Nov canola was up $41.90.
Canola/Sunflower Weekly Comments April 2
Canola/Sunflower Weekly Comments April 2
To start the week canola jumped about $6.00 higher at the start of the overnight session and then traded in a choppy fashion for the rest of the session but still closed with strong gains. Early support spilled over from the sharply higher soybean oil and Malaysian palm oil markets on news that Indonesia is moving from a B40 biodiesel blend to a B50 this year. The gains in the crude oil market and weaker Canadian dollar added to the gains.
Canola traded mostly on the higher side in Tuesday’s choppy session and closed with decent gains. Support spilled over from the double-digit gains in the soybean market as soybean acres came in lower than expected. In USDA’s Prospective Plantings report, canola acres were estimated at 2.685 million, up 346,500 acres (or 14.8%) over last year. USDA estimated all sunflower acres at 1.386 million, up 97,300 acres (or 7.6%) from last year.
In Wednesday’s session canola was briefly higher early in the overnight session but soon turned lower. The market added to the losses in the day session to close solidly lower. Pressure came from the steep losses in the soybean oil market. Pressure also spilled over from the lower crude oil market on President Trump’s comments that the conflict with Iran will soon be over. The higher Canadian dollar added to the losses.
Thursday’s cash sunflower bids in Fargo were at $23.50. Cash canola bids in Fargo were at $23.20. Cash bids in Velva were at $22.30.
For the week, May canola was at $727.00 up $6.50 while Nov canola was at $733.80 up $1.56.
For the month, May canola was up $44.10 and Nov canola was up $41.90.