After the long holiday weekend, canola gapped lower at the start of the last week of the year and then added to the losses to close solidly lower. Pressure came from losses in the soybean, Malaysian palm oil, and European rapeseed markets. A record canola crop and slow export demand added pressure. Stats Canada reported Nov. canola crush at 1.021 MMT, which was little changed from last Nov. 2024’s 1.019 MMT.
Canola traded on both sides of unchanged overnight and then climbed higher early Tuesday. The market trimmed the gains late in the session but still closed with decent gains. Higher world vegetable oil markets supported canola as soybean oil, Malaysian palm oil and European rapeseed were all higher. Speculative buying was also supportive. Last week’s Canadian canola exports totaled 96,200 MT. Marketing year to date exports are at 2.54 MMT vs. 4.39 MMT at the same time last year.
Selling returned to the canola market to close out the week Wednesday. A firm US soybean oil market helped canola start the overnight session higher, but selling took charge once the day session started due to spill over pressure from the lower US soybean market. Gains continue to be kept in check by reports of record production and slow exports (especially to China). Tighter crush margins during the holiday season added pressure. The canola market was closed Thursday in observance of New Years.
Wednesday’s cash sunflower bids in Fargo were at $21.90. Cash canola bids in Fargo were at $20.05. Cash bids in Velva were at $19.18.
For the week, March canola was at $603.90 down $7.60 while May canola was at $614.40 down $7.70.
For the month, March canola was down $61.60 while May canola was down $61.10.
For the year, March canola was down $9.70 while May canola was down $1.30.
Canola/Sunflower Weekly Comments January 2
Canola/Sunflower Weekly Comments January 2
After the long holiday weekend, canola gapped lower at the start of the last week of the year and then added to the losses to close solidly lower. Pressure came from losses in the soybean, Malaysian palm oil, and European rapeseed markets. A record canola crop and slow export demand added pressure. Stats Canada reported Nov. canola crush at 1.021 MMT, which was little changed from last Nov. 2024’s 1.019 MMT.
Canola traded on both sides of unchanged overnight and then climbed higher early Tuesday. The market trimmed the gains late in the session but still closed with decent gains. Higher world vegetable oil markets supported canola as soybean oil, Malaysian palm oil and European rapeseed were all higher. Speculative buying was also supportive. Last week’s Canadian canola exports totaled 96,200 MT. Marketing year to date exports are at 2.54 MMT vs. 4.39 MMT at the same time last year.
Selling returned to the canola market to close out the week Wednesday. A firm US soybean oil market helped canola start the overnight session higher, but selling took charge once the day session started due to spill over pressure from the lower US soybean market. Gains continue to be kept in check by reports of record production and slow exports (especially to China). Tighter crush margins during the holiday season added pressure. The canola market was closed Thursday in observance of New Years.
Wednesday’s cash sunflower bids in Fargo were at $21.90. Cash canola bids in Fargo were at $20.05. Cash bids in Velva were at $19.18.
For the week, March canola was at $603.90 down $7.60 while May canola was at $614.40 down $7.70.
For the month, March canola was down $61.60 while May canola was down $61.10.
For the year, March canola was down $9.70 while May canola was down $1.30.