To start the week canola was mostly higher overnight but fell lower throughout the day session and closed solidly lower. Pressure in the day session came from the lower soybean complex and lower Malaysian palm oil market. The stronger Canadian dollar added pressure. Losses were limited by very tight stocks as Canada’s canola exports are just 120,000 MT short of the target of 7.5 MMT with 16 weeks left in the marketing year.
Canola closed with strong gains across the board on Tuesday. Early support spilled over from the higher US soybean market. Reports of tightening supplies of canola in Canada and the need to ration the limited supply added support. Talk is Stats Canada is likely overestimating 2024 production by over 1 MMT.
Canola traded mostly on the higher side in Wednesday’s choppy session and closed with decent gains. Canola is back at the level of the recent highs from mid-February, with the marketing losing and then gaining back over $100. Support came from the higher soybean oil and Malaysian palm oil markets. Technical buying and the weaker Canadian dollar added to the gains.
In Thursday’s session canola traded in a tight range on both sides of unchanged overnight. The market climbed higher throughout the day session and closed with strong gains. Support came from strong demand and concerns Canada will run out of canola. The EU has imported over 700,000 MT of Canadian canola so far in this marketing year vs. 100,000 MT at this time last year. The sharply higher soybean oil market (the May contract was up $1.74) added support.
Thursday’s cash sunflower bids in Fargo were at $26.50. Cash canola bids in West Fargo were at $22.00. Cash canola bids in Velva were at $21.24.
As of April 20, 2% of North Dakota’s canola had been planted.
For the week, May canola was at $697.30 up $29.40 while July canola was at $701.80 up $26.10.
Canola/Sunflower Weekly Comments April 25
Canola/Sunflower Weekly Comments April 25
To start the week canola was mostly higher overnight but fell lower throughout the day session and closed solidly lower. Pressure in the day session came from the lower soybean complex and lower Malaysian palm oil market. The stronger Canadian dollar added pressure. Losses were limited by very tight stocks as Canada’s canola exports are just 120,000 MT short of the target of 7.5 MMT with 16 weeks left in the marketing year.
Canola closed with strong gains across the board on Tuesday. Early support spilled over from the higher US soybean market. Reports of tightening supplies of canola in Canada and the need to ration the limited supply added support. Talk is Stats Canada is likely overestimating 2024 production by over 1 MMT.
Canola traded mostly on the higher side in Wednesday’s choppy session and closed with decent gains. Canola is back at the level of the recent highs from mid-February, with the marketing losing and then gaining back over $100. Support came from the higher soybean oil and Malaysian palm oil markets. Technical buying and the weaker Canadian dollar added to the gains.
In Thursday’s session canola traded in a tight range on both sides of unchanged overnight. The market climbed higher throughout the day session and closed with strong gains. Support came from strong demand and concerns Canada will run out of canola. The EU has imported over 700,000 MT of Canadian canola so far in this marketing year vs. 100,000 MT at this time last year. The sharply higher soybean oil market (the May contract was up $1.74) added support.
Thursday’s cash sunflower bids in Fargo were at $26.50. Cash canola bids in West Fargo were at $22.00. Cash canola bids in Velva were at $21.24.
As of April 20, 2% of North Dakota’s canola had been planted.
For the week, May canola was at $697.30 up $29.40 while July canola was at $701.80 up $26.10.