To start the week canola gapped higher at the start of the overnight session and then climbed higher throughout the day session to close with strong gains. Support spilled over from the sharply higher crude oil and soybean oil markets. EU palm oil imports have dropped seven years in a row from 7.11 MMT in 2019/20 to estimates of just 2.6 MMT in 2026/27. EU rules have limited palm oil for use as a biofuel feedstock. EU canola imports have been increasing to offset the decrease in palm oil.
In Tuesday’s session canola opened lower but quickly turned higher and the added to the gains to close solidly higher. Support came from the sharply higher soybean oil market as that market hit new multi-year highs on increasing biofuel demand. Speculative buying added to the gains. Gains were limited by the stronger Canadian dollar which was at its highest level in a month.
Cargill has opened a canola crush facility in Regina, Saskatchewan, which can crush 1.0 MMT of canola a year. To put that in perspective, Mexico bought 1 MMT of Canadian canola in 2025 and was Canada’s 4th largest buyer.
Canola traded mostly on the higher side in a choppy session on Wednesday and closed just above unchanged. Technical buying supported canola. Support also came from the gains in the crude oil and soybean oil markets. But as the soybean complex faded in the day session, so did canola.
In Thursday’s session canola traded on both sides of unchanged overnight and then climbed higher for most of the day session. The market trimmed its gains late in the session but still closed with decent gains. Support spilled over from the gains in the crude oil market. Strong crush demand and the weaker Canadian dollar added support. Province level crop reports should start being released next week.
As of April 19, North Dakota’s canola is 0% planted vs. 2% last year and 0% average.
For the week, May canola was at $728.70 up $30.50 while Nov canola was at $737.80 up $26.20.
Canola/Sunflower Weekly Comments April 24
Canola/Sunflower Weekly Comments April 24
To start the week canola gapped higher at the start of the overnight session and then climbed higher throughout the day session to close with strong gains. Support spilled over from the sharply higher crude oil and soybean oil markets. EU palm oil imports have dropped seven years in a row from 7.11 MMT in 2019/20 to estimates of just 2.6 MMT in 2026/27. EU rules have limited palm oil for use as a biofuel feedstock. EU canola imports have been increasing to offset the decrease in palm oil.
In Tuesday’s session canola opened lower but quickly turned higher and the added to the gains to close solidly higher. Support came from the sharply higher soybean oil market as that market hit new multi-year highs on increasing biofuel demand. Speculative buying added to the gains. Gains were limited by the stronger Canadian dollar which was at its highest level in a month.
Cargill has opened a canola crush facility in Regina, Saskatchewan, which can crush 1.0 MMT of canola a year. To put that in perspective, Mexico bought 1 MMT of Canadian canola in 2025 and was Canada’s 4th largest buyer.
Canola traded mostly on the higher side in a choppy session on Wednesday and closed just above unchanged. Technical buying supported canola. Support also came from the gains in the crude oil and soybean oil markets. But as the soybean complex faded in the day session, so did canola.
In Thursday’s session canola traded on both sides of unchanged overnight and then climbed higher for most of the day session. The market trimmed its gains late in the session but still closed with decent gains. Support spilled over from the gains in the crude oil market. Strong crush demand and the weaker Canadian dollar added support. Province level crop reports should start being released next week.
As of April 19, North Dakota’s canola is 0% planted vs. 2% last year and 0% average.
For the week, May canola was at $728.70 up $30.50 while Nov canola was at $737.80 up $26.20.