Canola opened lower and spent Monday’s entire session on the lower side. Pressure came from the lower soybean complex, as well as from the lower European rapeseed and Malaysian palm oil markets. The stronger Canadian dollar added to the losses. Global economic worries after the collapse of Silicon Valley Bank added pressure.
In Tuesday’s session canola saw small gains early in the overnight session but then turned lower and added to the losses for the rest of the session. Canola has now closed lower for 8 sessions in a row. Pressure came from the lower Malaysian palm oil market and stronger Canadian dollar. Losses were limited by the higher soybean complex. Bunge, Corteva and Chevron announced they will collaborate on introducing proprietary canola hybrids into southern states and then using that for renewable fuels.
On Wednesday canola opened the overnight session higher but then quickly turned lower and added to the losses in the day session. Canola has now closed lower for 9 sessions in a row. Pressure came from the lower European rapeseed and Malaysian palm oil markets. Losses were limited by gains in the soybean oil market and weaker Canadian dollar.
Canola closed higher across the board on Thursday, breaking the streak of 9 straight sessions of lower closes. Support came from ideas that the market was oversold and due for a correction. Support also came from the sharply higher soybean oil market (up over $1.00). Gains were limited by the lower Malaysian palm oil and European rapeseed markets.
Thursday’s cash sunflower bids in Fargo were at $23.50. Cash canola bids in Fargo were at $26.65 and bids in Velva were at $25.41.
For the week, May canola was at $751.60 down $26.20 and Nov. canola was at $726.70 down $29.10.
Canola/Sunflower Weekly Comments
Canola/Sunflower Weekly Comments
Canola opened lower and spent Monday’s entire session on the lower side. Pressure came from the lower soybean complex, as well as from the lower European rapeseed and Malaysian palm oil markets. The stronger Canadian dollar added to the losses. Global economic worries after the collapse of Silicon Valley Bank added pressure.
In Tuesday’s session canola saw small gains early in the overnight session but then turned lower and added to the losses for the rest of the session. Canola has now closed lower for 8 sessions in a row. Pressure came from the lower Malaysian palm oil market and stronger Canadian dollar. Losses were limited by the higher soybean complex. Bunge, Corteva and Chevron announced they will collaborate on introducing proprietary canola hybrids into southern states and then using that for renewable fuels.
On Wednesday canola opened the overnight session higher but then quickly turned lower and added to the losses in the day session. Canola has now closed lower for 9 sessions in a row. Pressure came from the lower European rapeseed and Malaysian palm oil markets. Losses were limited by gains in the soybean oil market and weaker Canadian dollar.
Canola closed higher across the board on Thursday, breaking the streak of 9 straight sessions of lower closes. Support came from ideas that the market was oversold and due for a correction. Support also came from the sharply higher soybean oil market (up over $1.00). Gains were limited by the lower Malaysian palm oil and European rapeseed markets.
Thursday’s cash sunflower bids in Fargo were at $23.50. Cash canola bids in Fargo were at $26.65 and bids in Velva were at $25.41.
For the week, May canola was at $751.60 down $26.20 and Nov. canola was at $726.70 down $29.10.