Canola traded back and forth in a choppy session on Monday and closed with decent gains. Technical buying supported canola. Spillover support came from the higher crude oil market. Gains were trimmed by the losses in the soybean complex. Canadian markets will be open as normal this week while the US markets close for Thanksgiving.
Canola traded higher for most of Tuesday’s session and closed with decent gains. Support came from the gains in the soybean complex. Month end positioning added support. Canadian oilseed processors crushed 1.027 MMT of canola in October, up 1.9% from Sept. but down 6.8% from last October. However, marketing year to date canola crush is at 2.902 MMT, slightly higher than the 2.885 MMT crushed at the same time last year.
On Wednesday canola opened the session lower but found support and pushed to trade with gains for most of the day. Early selling was tied to technical selling and the evening up of positions ahead of the US holiday. Gains were extended once the day session got started with support spilling over from a stronger US soybean complex. The lack of an export market and stronger Canadian dollar kept gains in check.
Thursday’s session was quiet as the US markets were closed. Early gains faded and the market closed with small losses.
Wednesday’s cash sunflower bids in Fargo were at $21.25. Cash canola bids in Fargo were at $20.75. Cash bids in Velva were at $19.96.
For the week, January canola closed at $653.70 up $12.60 while March canola closed at $666.90 up $13.20.
Canola/Sunflower Weekly Comments November 28
Canola/Sunflower Weekly Comments November 28
Canola traded back and forth in a choppy session on Monday and closed with decent gains. Technical buying supported canola. Spillover support came from the higher crude oil market. Gains were trimmed by the losses in the soybean complex. Canadian markets will be open as normal this week while the US markets close for Thanksgiving.
Canola traded higher for most of Tuesday’s session and closed with decent gains. Support came from the gains in the soybean complex. Month end positioning added support. Canadian oilseed processors crushed 1.027 MMT of canola in October, up 1.9% from Sept. but down 6.8% from last October. However, marketing year to date canola crush is at 2.902 MMT, slightly higher than the 2.885 MMT crushed at the same time last year.
On Wednesday canola opened the session lower but found support and pushed to trade with gains for most of the day. Early selling was tied to technical selling and the evening up of positions ahead of the US holiday. Gains were extended once the day session got started with support spilling over from a stronger US soybean complex. The lack of an export market and stronger Canadian dollar kept gains in check.
Thursday’s session was quiet as the US markets were closed. Early gains faded and the market closed with small losses.
Wednesday’s cash sunflower bids in Fargo were at $21.25. Cash canola bids in Fargo were at $20.75. Cash bids in Velva were at $19.96.
For the week, January canola closed at $653.70 up $12.60 while March canola closed at $666.90 up $13.20.