Canola started the week by trading back and forth on both sides of unchanged but faded late in the session and closed with losses. Pressure came from the losses in the soybean complex, as well as the lower European rapeseed and Malaysian palm oil markets. Worries that Trump will put tariffs on canola oil coming into the US from Canada added pressure. Losses were limited by tight stocks of Canadian canola.
In Tuesday’s session canola opened lower and stayed on the lower side throughout the overnight session. The market climbed higher throughout the day session and closed with strong gains. Support came from the gains in the soybean complex and Malaysian palm oil. Technical buying after yesterday’s losses added to the gains. But worries that President Trump will place tariffs on canola oil coming into the US from Canada limited gains.
On Wednesday canola gapped lower at the start of the overnight session and stayed mostly on the lower side in a choppy session and closed with losses. Pressure came from the lower soybean oil and European rapeseed markets. The Malaysian palm oil market was closed for Lunar New Year. President Trump has threatened to place tariffs on goods from Canada coming into the US starting February 1, which is this Saturday. Traders will be watching to see if canola oil is included. Losses were limited by the weaker Canadian dollar after the Bank of Canada cut interest rates by 0.25% while the Federal Reserve left US interest rates unchanged.
Canola spent the overnight session on the lower side but was able to get on the positive side in the day session and closed with decent gains on Thursday. Overnight pressure came from the lower European rapeseed market. Soybean oil closed around unchanged, and the Malaysian palm oil market was closed for Lunar New Year. Technical buying in the day session helped the market close higher. But tariff concerns kept a lid on the gains.
Thursday’s cash sunflower bids in Fargo were at $23.00. Cash canola bids in West Fargo were at $20.45. Cash canola bids in Velva were at $19.08.
For the week, March canola was at $638.10 down 60 cents while May canola was at $645.20 down $2.40.
For the month, March canola was up $22.20 while May canola was up $21.30.
Canola/Sunflower Weekly Comments January 31
Canola/Sunflower Weekly Comments January 31
Canola started the week by trading back and forth on both sides of unchanged but faded late in the session and closed with losses. Pressure came from the losses in the soybean complex, as well as the lower European rapeseed and Malaysian palm oil markets. Worries that Trump will put tariffs on canola oil coming into the US from Canada added pressure. Losses were limited by tight stocks of Canadian canola.
In Tuesday’s session canola opened lower and stayed on the lower side throughout the overnight session. The market climbed higher throughout the day session and closed with strong gains. Support came from the gains in the soybean complex and Malaysian palm oil. Technical buying after yesterday’s losses added to the gains. But worries that President Trump will place tariffs on canola oil coming into the US from Canada limited gains.
On Wednesday canola gapped lower at the start of the overnight session and stayed mostly on the lower side in a choppy session and closed with losses. Pressure came from the lower soybean oil and European rapeseed markets. The Malaysian palm oil market was closed for Lunar New Year. President Trump has threatened to place tariffs on goods from Canada coming into the US starting February 1, which is this Saturday. Traders will be watching to see if canola oil is included. Losses were limited by the weaker Canadian dollar after the Bank of Canada cut interest rates by 0.25% while the Federal Reserve left US interest rates unchanged.
Canola spent the overnight session on the lower side but was able to get on the positive side in the day session and closed with decent gains on Thursday. Overnight pressure came from the lower European rapeseed market. Soybean oil closed around unchanged, and the Malaysian palm oil market was closed for Lunar New Year. Technical buying in the day session helped the market close higher. But tariff concerns kept a lid on the gains.
Thursday’s cash sunflower bids in Fargo were at $23.00. Cash canola bids in West Fargo were at $20.45. Cash canola bids in Velva were at $19.08.
For the week, March canola was at $638.10 down 60 cents while May canola was at $645.20 down $2.40.
For the month, March canola was up $22.20 while May canola was up $21.30.