Canola started the week by seeing small losses overnight. But losses accelerated in the day session and the market closed sharply lower. Pressure came from the sharply lower soybean complex. The losses in the crude oil market added to the losses. Profit taking also added pressure. While canola was sharply lower today, it didn’t hit the limit down of $45.00.
Canola slowly climbed higher throughout Tuesday’s session and closed with strong gains and gained back over half of Monday’s losses. Support came from the sharply higher soybean oil market and the gains in the crude oil market. Bargain buying after Monday’s losses added to the gains. The weaker Canadian dollar was also supportive.
In Wednesday’s session canola was lower overnight, got back on the positive side at the start of the day session but then faded and closed with small losses. Pressure came from the losses in the soybean oil market. Profit taking after yesterday’s strong gains added pressure. Early day session support spilled over from the gains in the crude oil market, but as those gains faded, so did canola.
Canola traded back and forth in a choppy session on Thursday and closed with small gains in the front months and larger gains in the new crop contracts. Support came from the higher soybean and crude oil markets. Gains were limited by the losses in the soybean oil market. Ukraine’s rapeseed production for this year is estimated at 3.8 MMT vs. 3.3 MMT last year due to an expected 3.7 million increase in acres.
Thursday’s cash sunflower bids in Fargo were at $23.50. Cash canola bids in Fargo were at $23.45. Cash bids in Velva were at $22.15.
For the week, May canola was at $726.50 down $13.40 while Nov canola was at $731.80 down $2.40.
Canola/Sunflower Weekly Comments March 20
Canola/Sunflower Weekly Comments March 20
Canola started the week by seeing small losses overnight. But losses accelerated in the day session and the market closed sharply lower. Pressure came from the sharply lower soybean complex. The losses in the crude oil market added to the losses. Profit taking also added pressure. While canola was sharply lower today, it didn’t hit the limit down of $45.00.
Canola slowly climbed higher throughout Tuesday’s session and closed with strong gains and gained back over half of Monday’s losses. Support came from the sharply higher soybean oil market and the gains in the crude oil market. Bargain buying after Monday’s losses added to the gains. The weaker Canadian dollar was also supportive.
In Wednesday’s session canola was lower overnight, got back on the positive side at the start of the day session but then faded and closed with small losses. Pressure came from the losses in the soybean oil market. Profit taking after yesterday’s strong gains added pressure. Early day session support spilled over from the gains in the crude oil market, but as those gains faded, so did canola.
Canola traded back and forth in a choppy session on Thursday and closed with small gains in the front months and larger gains in the new crop contracts. Support came from the higher soybean and crude oil markets. Gains were limited by the losses in the soybean oil market. Ukraine’s rapeseed production for this year is estimated at 3.8 MMT vs. 3.3 MMT last year due to an expected 3.7 million increase in acres.
Thursday’s cash sunflower bids in Fargo were at $23.50. Cash canola bids in Fargo were at $23.45. Cash bids in Velva were at $22.15.
For the week, May canola was at $726.50 down $13.40 while Nov canola was at $731.80 down $2.40.