To start the week, canola climbed about $8 higher in the first 15 minutes of the overnight session and then held steady for the rest of the overnight session. The market climbed higher throughout the day session and closed sharply higher. Support came from higher world vegetable oil markets and the strong gains in the crude oil market. Bargain buying and light trading ahead of the holidays added support. Gains were limited by the higher Canadian dollar.
In Tuesday’s session canola traded in a narrow range around unchanged overnight, but lost ground throughout the day session and closed solidly lower. Canola was pressured by the lower soybean oil and European rapeseed markets. Low trading volumes ahead of the holiday and technical selling after yesterday’s strong gains added pressure.
Canola traded in a narrow range on both sides of unchanged overnight but climbed higher throughout Wednesday’s day session and closed solidly higher. Support came from the strong gains in the soybean complex. Technical buying added support. While the US markets will reopen Friday morning, Canadian markets are closed until Monday.
Tuesday’s cash sunflower bids in Fargo were at $21.70. Cash canola bids in Fargo were at $20.15. Cash bids in Velva were at $19.08.
For the week, January canola was at $598.60 up $17.00 while March canola was at $611.50 up $18.10.
Canola/Sunflower Weekly Comments December26
Canola/Sunflower Weekly Comments December26
To start the week, canola climbed about $8 higher in the first 15 minutes of the overnight session and then held steady for the rest of the overnight session. The market climbed higher throughout the day session and closed sharply higher. Support came from higher world vegetable oil markets and the strong gains in the crude oil market. Bargain buying and light trading ahead of the holidays added support. Gains were limited by the higher Canadian dollar.
In Tuesday’s session canola traded in a narrow range around unchanged overnight, but lost ground throughout the day session and closed solidly lower. Canola was pressured by the lower soybean oil and European rapeseed markets. Low trading volumes ahead of the holiday and technical selling after yesterday’s strong gains added pressure.
Canola traded in a narrow range on both sides of unchanged overnight but climbed higher throughout Wednesday’s day session and closed solidly higher. Support came from the strong gains in the soybean complex. Technical buying added support. While the US markets will reopen Friday morning, Canadian markets are closed until Monday.
Tuesday’s cash sunflower bids in Fargo were at $21.70. Cash canola bids in Fargo were at $20.15. Cash bids in Velva were at $19.08.
For the week, January canola was at $598.60 up $17.00 while March canola was at $611.50 up $18.10.