To start the week, canola gapped higher at the start of the overnight session but lost ground in the day session and closed mixed with small gains in the front months and small losses in the new crop contracts. Overnight support came from the strong gains in the crude oil market. Gains were trimmed by the losses in the soybean and soybean oil markets. Needed rains are in the forecast for the Canadian Prairies this week.
Canola traded back and forth in a very choppy session on Tuesday and closed with small losses. Pressure came from the losses in the crude oil market and the lower soybean complex. The stronger Canadian dollar added pressure. Agriculture and Agri-Food Canada will release their supply and demand report on Friday.
In Wednesday’s session canola climbed higher for most of the overnight session then pulled back and turned lower early in the day session. But the market was able to recover and close with small gains. Support came from the gains in the soybean complex with soybean oil up over $1.00. Traders rolling out of the May contract added to the gains. Gains were limited by the stronger Canadian dollar.
Canola climbed higher overnight and into Thursday’s day session. The market pulled back a bit late in the day session but still closed with decent gains. Support came from the sharply higher soybean oil market. Gains were limited by the stronger Canadian dollar and large canola ending stocks. While Canada has started selling to canola to China again, sales to other countries have been slowing down.
Thursday’s cash sunflower bids in Fargo were at $23.95. Cash canola bids in Fargo were at $23.40. Cash bids in Velva were at $22.99.
For the week, May canola was at $697.90 down $6.30 while Nov canola was at $711.60 down $6.90.
Canola/Sunflower Weekly Comments April 17
Canola/Sunflower Weekly Comments April 17
To start the week, canola gapped higher at the start of the overnight session but lost ground in the day session and closed mixed with small gains in the front months and small losses in the new crop contracts. Overnight support came from the strong gains in the crude oil market. Gains were trimmed by the losses in the soybean and soybean oil markets. Needed rains are in the forecast for the Canadian Prairies this week.
Canola traded back and forth in a very choppy session on Tuesday and closed with small losses. Pressure came from the losses in the crude oil market and the lower soybean complex. The stronger Canadian dollar added pressure. Agriculture and Agri-Food Canada will release their supply and demand report on Friday.
In Wednesday’s session canola climbed higher for most of the overnight session then pulled back and turned lower early in the day session. But the market was able to recover and close with small gains. Support came from the gains in the soybean complex with soybean oil up over $1.00. Traders rolling out of the May contract added to the gains. Gains were limited by the stronger Canadian dollar.
Canola climbed higher overnight and into Thursday’s day session. The market pulled back a bit late in the day session but still closed with decent gains. Support came from the sharply higher soybean oil market. Gains were limited by the stronger Canadian dollar and large canola ending stocks. While Canada has started selling to canola to China again, sales to other countries have been slowing down.
Thursday’s cash sunflower bids in Fargo were at $23.95. Cash canola bids in Fargo were at $23.40. Cash bids in Velva were at $22.99.
For the week, May canola was at $697.90 down $6.30 while Nov canola was at $711.60 down $6.90.