In Monday’s session canola traded on both sides of unchanged overnight but climbed higher in the day session and closed with solid gains. Support came from the strong gains in the soybean complex. Gains were limited by slow export demand and the stronger Canadian dollar.
The canola market was closed Tuesday for Remembrance Day.
In Wednesday’s session canola spent the first part of the overnight session trading in a tight range around unchanged before turning lower. But the market bounced back in the day session and closed with small gains. Canola was caught between the higher soybean market and the losses in the soybean oil market. Technical buying supported canola, but gains were limited by spillover pressure from the sharply lower crude oil market. Canada’s ag minister said relations between China and Canada are improving and he’s more optimistic since last week’s trip to China.
On Thursday canola spent most of the overnight session on the lower side and spent the day session higher, but with very choppy trading. The market closed with decent gains. Support came from double-digit gains in the soybean market. The weaker Canadian dollar and optimism that tensions between Canada and China are thawing added to the gains. In world news, Indonesia plans to open another 1.5 million acres for oil palm production, adding to the current 39.5 million acres. This could add another 2 MMT in palm oil production.
Thursday’s cash sunflower bids in Fargo were at $21.25. Cash canola bids in Fargo were at $20.70. Cash bids in Velva were at $19.97.
For the week, January canola closed at $647.50 up $7.50 while March canola closed at $658.60 up $6.80.
Canola/Sunflower Weekly Comments November 14
Canola/Sunflower Weekly Comments November 14
In Monday’s session canola traded on both sides of unchanged overnight but climbed higher in the day session and closed with solid gains. Support came from the strong gains in the soybean complex. Gains were limited by slow export demand and the stronger Canadian dollar.
The canola market was closed Tuesday for Remembrance Day.
In Wednesday’s session canola spent the first part of the overnight session trading in a tight range around unchanged before turning lower. But the market bounced back in the day session and closed with small gains. Canola was caught between the higher soybean market and the losses in the soybean oil market. Technical buying supported canola, but gains were limited by spillover pressure from the sharply lower crude oil market. Canada’s ag minister said relations between China and Canada are improving and he’s more optimistic since last week’s trip to China.
On Thursday canola spent most of the overnight session on the lower side and spent the day session higher, but with very choppy trading. The market closed with decent gains. Support came from double-digit gains in the soybean market. The weaker Canadian dollar and optimism that tensions between Canada and China are thawing added to the gains. In world news, Indonesia plans to open another 1.5 million acres for oil palm production, adding to the current 39.5 million acres. This could add another 2 MMT in palm oil production.
Thursday’s cash sunflower bids in Fargo were at $21.25. Cash canola bids in Fargo were at $20.70. Cash bids in Velva were at $19.97.
For the week, January canola closed at $647.50 up $7.50 while March canola closed at $658.60 up $6.80.