To start the week canola was mostly lower overnight but found strength in the day session and closed with solid gains. Overnight pressure came from the lower soybean complex and lower Malaysian palm oil and European rapeseed markets. Day session support came from the gains in the soybean market and improving outside markets.
Canola opened Tuesday’s session lower but managed to recover and end the session with modest gains. Early selling was tied to tariff concerns. Losses were trimmed from spill over support from the strong equity markets as well as from an overall stronger performance in the grains. Strong crush demand added support late in the session.
Canola opened Wednesday’s session lower but managed to recover and end the session with small gains. Selling was tied to tariff concerns as this morning it appeared the sky was falling. By noon it appeared the US and China were in a grudge match and that canola was likely going to be safe from further tariffs, which was supportive. Light support also came from news that the Big Oil and the biofuels are asking for the biodiesel mandate to increase to 5.25 billion gallons vs 3.35 billion gallons last year. Total 2024 biodiesel/RDF production was 4.86 billion gallons.
In Thursday’s session canola traded back and forth on both sides of unchanged and closed with decent gains. Support came from the gains in the soybean complex. Additional support came from ideas that Canada could export more canola and canola oil to China while the US and China are in a trade war. Gains were limited by the higher Canadian dollar. In today’s World Agriculture Production report, USDA estimated world canola/rapeseed production at 85.24 MMT vs. 85.69 MMT in March.
Thursday’s cash sunflower bids in Fargo were at $26.50. Cash canola bids in West Fargo were at $21.35. Cash canola bids in Velva were at $19.98.
For the week, May canola was at $660.70 up $38.70 while July canola was at $668.80 up $42.10.
Canola/Sunflower Weekly Comments April 11
Canola/Sunflower Weekly Comments April 11
To start the week canola was mostly lower overnight but found strength in the day session and closed with solid gains. Overnight pressure came from the lower soybean complex and lower Malaysian palm oil and European rapeseed markets. Day session support came from the gains in the soybean market and improving outside markets.
Canola opened Tuesday’s session lower but managed to recover and end the session with modest gains. Early selling was tied to tariff concerns. Losses were trimmed from spill over support from the strong equity markets as well as from an overall stronger performance in the grains. Strong crush demand added support late in the session.
Canola opened Wednesday’s session lower but managed to recover and end the session with small gains. Selling was tied to tariff concerns as this morning it appeared the sky was falling. By noon it appeared the US and China were in a grudge match and that canola was likely going to be safe from further tariffs, which was supportive. Light support also came from news that the Big Oil and the biofuels are asking for the biodiesel mandate to increase to 5.25 billion gallons vs 3.35 billion gallons last year. Total 2024 biodiesel/RDF production was 4.86 billion gallons.
In Thursday’s session canola traded back and forth on both sides of unchanged and closed with decent gains. Support came from the gains in the soybean complex. Additional support came from ideas that Canada could export more canola and canola oil to China while the US and China are in a trade war. Gains were limited by the higher Canadian dollar. In today’s World Agriculture Production report, USDA estimated world canola/rapeseed production at 85.24 MMT vs. 85.69 MMT in March.
Thursday’s cash sunflower bids in Fargo were at $26.50. Cash canola bids in West Fargo were at $21.35. Cash canola bids in Velva were at $19.98.
For the week, May canola was at $660.70 up $38.70 while July canola was at $668.80 up $42.10.