In Monday’s session canola traded on both sides of unchanged, saw the session lows mid-morning and then was able to trim the losses a bit later in the day session but still closed lower. Record Canadian canola production plus a lack of Chinese purchases pressured canola. The losses in the soybean complex added pressure. Spillover pressure from the sharply lower crude oil market added to the losses.
On Tuesday canola gapped lower to start the overnight session but quickly turned higher. The market continued to add to the gains in the day session and closed solidly higher. Bargain buying after the market dropped to 2-month lows supported canola. Rumors of canola export sales added support. Gains were limited by the losses in the soybean complex.
In Wednesday’s session canola saw small losses for the first part of the overnight session, briefly turned higher late in the overnight session, but fell lower in the day session and closed solidly lower. Early gains were due to ideas that the market is oversold. A lack of fresh news and a lack of export sales pulled canola lower in the day session. Tuesday’s USDA report estimated Canadian canola production at 22.0 MMT, a bit higher than Stats Canada’s current estimate of 21.8 MMT.
Canola traded on both sides of unchanged overnight but climbed higher throughout the day session and closed with strong gains on Thursday. Bargain buying and wide crush margins supported canola. Traders exiting their January contract positions added to the gains. Gains were limited by the weaker soybean oil and European rapeseed markets. The stronger Canadian dollar also limited gains.
Thursday’s cash sunflower bids in Fargo were at $21.50. Cash canola bids in Fargo were at $20.35. Cash bids in Velva were at $19.24.
For the week, January canola was at $606.50 down $11.40 while March canola was at $619.10 down $12.00.
Canola/Sunflower Weekly Comments December 12
Canola/Sunflower Weekly Comments December 12
In Monday’s session canola traded on both sides of unchanged, saw the session lows mid-morning and then was able to trim the losses a bit later in the day session but still closed lower. Record Canadian canola production plus a lack of Chinese purchases pressured canola. The losses in the soybean complex added pressure. Spillover pressure from the sharply lower crude oil market added to the losses.
On Tuesday canola gapped lower to start the overnight session but quickly turned higher. The market continued to add to the gains in the day session and closed solidly higher. Bargain buying after the market dropped to 2-month lows supported canola. Rumors of canola export sales added support. Gains were limited by the losses in the soybean complex.
In Wednesday’s session canola saw small losses for the first part of the overnight session, briefly turned higher late in the overnight session, but fell lower in the day session and closed solidly lower. Early gains were due to ideas that the market is oversold. A lack of fresh news and a lack of export sales pulled canola lower in the day session. Tuesday’s USDA report estimated Canadian canola production at 22.0 MMT, a bit higher than Stats Canada’s current estimate of 21.8 MMT.
Canola traded on both sides of unchanged overnight but climbed higher throughout the day session and closed with strong gains on Thursday. Bargain buying and wide crush margins supported canola. Traders exiting their January contract positions added to the gains. Gains were limited by the weaker soybean oil and European rapeseed markets. The stronger Canadian dollar also limited gains.
Thursday’s cash sunflower bids in Fargo were at $21.50. Cash canola bids in Fargo were at $20.35. Cash bids in Velva were at $19.24.
For the week, January canola was at $606.50 down $11.40 while March canola was at $619.10 down $12.00.