Canola started the week by opening the overnight session higher and then extended session gains throughout the night. Early support spilled over from a stronger US soybean complex. But once the soybean market turned lower, it spilled over to pull canola off of its highs as well. Technical selling did the rest of the damage. Losses were kept in check by spillover support from the soybean oil market.
In Tuesday’s session canola opened higher and extended session gains throughout the session. Early support spilled over from a higher US soybean market. Tight supplies and strong demand continue to put underlining support under canola.
The canola market was closed on Wednesday for Christmas Day and on Thursday for Boxing Day.
USDA’s projected per acre payment for the $10 Billion Ag Economic Program for sunflowers is $23.38. Canola’s payment is estimated at $26.76.
Thursday’s cash sunflower bids in Fargo were at $20.45. Cash canola bids in West Fargo were at $19.20. Cash canola bids in Velva were at $17.82.
For the week, Jan canola was at $621.90 up $12.80 while March canola was at $617.20 up $3.40.
Canola/Sunflower Weekly Comments Dec 27
Canola/Sunflower Weekly Comments Dec 27
Canola started the week by opening the overnight session higher and then extended session gains throughout the night. Early support spilled over from a stronger US soybean complex. But once the soybean market turned lower, it spilled over to pull canola off of its highs as well. Technical selling did the rest of the damage. Losses were kept in check by spillover support from the soybean oil market.
In Tuesday’s session canola opened higher and extended session gains throughout the session. Early support spilled over from a higher US soybean market. Tight supplies and strong demand continue to put underlining support under canola.
The canola market was closed on Wednesday for Christmas Day and on Thursday for Boxing Day.
USDA’s projected per acre payment for the $10 Billion Ag Economic Program for sunflowers is $23.38. Canola’s payment is estimated at $26.76.
Thursday’s cash sunflower bids in Fargo were at $20.45. Cash canola bids in West Fargo were at $19.20. Cash canola bids in Velva were at $17.82.
For the week, Jan canola was at $621.90 up $12.80 while March canola was at $617.20 up $3.40.