To start the week canola traded on both sides of unchanged overnight but climbed higher throughout the day session and closed with strong gains. Support came from the strong gains in the soybean and soybean oil markets. The weaker Canadian dollar was also supportive. Pakistan said they will resume their imports of Canadian canola. Imports were halted in 2022 while the country developed a system for processing import licenses. Pakistan imported on average 810,000 MT of Canadian canola yearly before the ban.
In Tuesday’s session canola opened lower and then added to the losses, erasing most of Monday’s gains and closing lower. The lower soybean complex pulled canola lower today. Reports of China buying Australian canola and the lack of any progress in Canada/China trade talks added pressure. Profit taking added to the losses.
Canola traded back and forth on both sides of unchanged on Wednesday and closed with minor gains. Support came from the gains in the soybean complex. Gains were limited by a lack of progress in trade talks between Canada and China. India’s rapeseed acres could increase by 7% to 8% over last year as the country sees an opening to export to China due to China’s high tariffs on Canadian canola. The Canada government released their budget proposal. It included investments in biofuel production and trade diversification.
Canola spent the majority of Thursday’s session on the lower side and closed with losses. Pressure came from the losses in the soybean complex and European rapeseed market. The lack of progress on trade talks between Canada and China added to the losses. Canada’s biofuels association applauded the Carney administration’s budget that includes $327 million for a biofuels production initiative.
Thursday’s cash sunflower bids in Fargo were at $21.25. Cash canola bids in Fargo were at $19.90. Cash bids in Velva were at $19.13.
For the week, January canola was at $640.00 up $3.00 and March canola was at $651.80 up $3.80.
Canola/Sunflower Weekly Comments November 7
Canola/Sunflower Weekly Comments November 7
To start the week canola traded on both sides of unchanged overnight but climbed higher throughout the day session and closed with strong gains. Support came from the strong gains in the soybean and soybean oil markets. The weaker Canadian dollar was also supportive. Pakistan said they will resume their imports of Canadian canola. Imports were halted in 2022 while the country developed a system for processing import licenses. Pakistan imported on average 810,000 MT of Canadian canola yearly before the ban.
In Tuesday’s session canola opened lower and then added to the losses, erasing most of Monday’s gains and closing lower. The lower soybean complex pulled canola lower today. Reports of China buying Australian canola and the lack of any progress in Canada/China trade talks added pressure. Profit taking added to the losses.
Canola traded back and forth on both sides of unchanged on Wednesday and closed with minor gains. Support came from the gains in the soybean complex. Gains were limited by a lack of progress in trade talks between Canada and China. India’s rapeseed acres could increase by 7% to 8% over last year as the country sees an opening to export to China due to China’s high tariffs on Canadian canola. The Canada government released their budget proposal. It included investments in biofuel production and trade diversification.
Canola spent the majority of Thursday’s session on the lower side and closed with losses. Pressure came from the losses in the soybean complex and European rapeseed market. The lack of progress on trade talks between Canada and China added to the losses. Canada’s biofuels association applauded the Carney administration’s budget that includes $327 million for a biofuels production initiative.
Thursday’s cash sunflower bids in Fargo were at $21.25. Cash canola bids in Fargo were at $19.90. Cash bids in Velva were at $19.13.
For the week, January canola was at $640.00 up $3.00 and March canola was at $651.80 up $3.80.