In Monday’s session canola saw $6.00 to $8.00 gains overnight. But the market turned lower early in the day session. The market tried to recover but ended up fading and closing with small gains. Bargain buying after last week’s sharp losses supported the market. Overnight gains in the soybean oil market were also supportive. But as the soybean oil market turned lower in the day session, it pulled canola down with it.
Canola opened lower and extended session losses throughout the night and into the day session on Tuesday. Early selling was tied to pressure from news that Trump will put a 25% tariff on all Canada imports once he is sworn in. Additional selling pressure came from a lower US soybean complex as well as palm oil market. Losses were limited by a stronger US soybean oil market.
On Wednesday canola saw small gains for the first part of the overnight session but then the market turned lower and added to the losses for the rest of the session to close sharply lower. Pressure carried over from Tuesday’s statement by Trump that he would put 25% tariffs on all goods coming into the US from Canada. Over 90% of Canadian canola oil exports go to the US. Spillover pressure came from the sharp losses in the soybean oil market.
While the US markets were closed on Thursday, Canadian markets were open. Canola closed with gains in a lightly traded session.
Wednesday’s cash sunflower bids in Fargo were at $19.75. Cash canola bids in West Fargo were at $17.60. Cash canola bids in Velva were at $16.64.
As of Nov. 24, North Dakota’s sunflower harvest was at 91% complete vs. 86% last week and 81% average.
For the week, Jan canola was at $572.80 down $19.40 while March canola was at $585.40 down $20.10.
Canola/Sunflower Weekly Comments Nov 29
Canola/Sunflower Weekly Comments Nov 29
In Monday’s session canola saw $6.00 to $8.00 gains overnight. But the market turned lower early in the day session. The market tried to recover but ended up fading and closing with small gains. Bargain buying after last week’s sharp losses supported the market. Overnight gains in the soybean oil market were also supportive. But as the soybean oil market turned lower in the day session, it pulled canola down with it.
Canola opened lower and extended session losses throughout the night and into the day session on Tuesday. Early selling was tied to pressure from news that Trump will put a 25% tariff on all Canada imports once he is sworn in. Additional selling pressure came from a lower US soybean complex as well as palm oil market. Losses were limited by a stronger US soybean oil market.
On Wednesday canola saw small gains for the first part of the overnight session but then the market turned lower and added to the losses for the rest of the session to close sharply lower. Pressure carried over from Tuesday’s statement by Trump that he would put 25% tariffs on all goods coming into the US from Canada. Over 90% of Canadian canola oil exports go to the US. Spillover pressure came from the sharp losses in the soybean oil market.
While the US markets were closed on Thursday, Canadian markets were open. Canola closed with gains in a lightly traded session.
Wednesday’s cash sunflower bids in Fargo were at $19.75. Cash canola bids in West Fargo were at $17.60. Cash canola bids in Velva were at $16.64.
As of Nov. 24, North Dakota’s sunflower harvest was at 91% complete vs. 86% last week and 81% average.
For the week, Jan canola was at $572.80 down $19.40 while March canola was at $585.40 down $20.10.