To start the week canola traded on both sides of unchanged overnight then fell sharply lower early in the day session. But canola was able to come back late in the day session and close with small losses. Early pressure came from the sharply lower Malaysian palm oil market. Losses were trimmed in the day session by the gains in the soybean complex. Spillover support came from the sharply higher crude oil market.
On Tuesday canola fell lower throughout the entire session and closed sharply lower. Pressure came from the losses in the soybean complex. Speculative selling added to the losses. Losses were limited by ideas that the December Stats Canada report will lower canola production significantly.
In Wednesday’s session canola opened higher and held those gains for the first part of the overnight session, but then turned lower and added to the losses for the rest of the overnight and entire day session. Pressure came from the sharply lower palm oil and soybean oil markets. Speculative selling added to the losses. Canada confirmed their ag minister met with Chinese officials last week to discuss canola exports to China. No other information on the meetings was released.
Canola traded in a narrow range on both sides of unchanged overnight. But the market dropped lower throughout the day session and closed sharply lower on Thursday. The January contract closed below $600 for the first time since Sept. 20. Pressure came from the sharply lower soybean oil and Malaysian palm oil markets. Slower end user demand added pressure.
Thursday’s cash sunflower bids in Fargo were at $19.75. Cash canola bids in West Fargo were at $18.65. Cash canola bids in Velva were at $17.71.
As of Nov. 10, sunflower harvest was estimated at 81% complete vs 65% last week and 70% average. North Dakota’s sunflower harvest was at 76% complete vs. 62% last week and 67% average.
For the week, Jan canola was at $592.20 down $54.50 while March canola was at $605.50 down $55.30.
Canola/Sunflower Weekly Comments Nov 22
Canola/Sunflower Weekly Comments Nov 22
To start the week canola traded on both sides of unchanged overnight then fell sharply lower early in the day session. But canola was able to come back late in the day session and close with small losses. Early pressure came from the sharply lower Malaysian palm oil market. Losses were trimmed in the day session by the gains in the soybean complex. Spillover support came from the sharply higher crude oil market.
On Tuesday canola fell lower throughout the entire session and closed sharply lower. Pressure came from the losses in the soybean complex. Speculative selling added to the losses. Losses were limited by ideas that the December Stats Canada report will lower canola production significantly.
In Wednesday’s session canola opened higher and held those gains for the first part of the overnight session, but then turned lower and added to the losses for the rest of the overnight and entire day session. Pressure came from the sharply lower palm oil and soybean oil markets. Speculative selling added to the losses. Canada confirmed their ag minister met with Chinese officials last week to discuss canola exports to China. No other information on the meetings was released.
Canola traded in a narrow range on both sides of unchanged overnight. But the market dropped lower throughout the day session and closed sharply lower on Thursday. The January contract closed below $600 for the first time since Sept. 20. Pressure came from the sharply lower soybean oil and Malaysian palm oil markets. Slower end user demand added pressure.
Thursday’s cash sunflower bids in Fargo were at $19.75. Cash canola bids in West Fargo were at $18.65. Cash canola bids in Velva were at $17.71.
As of Nov. 10, sunflower harvest was estimated at 81% complete vs 65% last week and 70% average. North Dakota’s sunflower harvest was at 76% complete vs. 62% last week and 67% average.
For the week, Jan canola was at $592.20 down $54.50 while March canola was at $605.50 down $55.30.