Howard Leaman Mch 25/19
Canola traded on both sides of unchanged on Monday, ending higher. The
market initially followed through on Friday's sell off, as traders
continued to react to last week's report that China had stopped buying
Canadian canola. The halt in buying was believed to be due to political
reasons, with no end in sight to the Chinese/Canadian tension.
The selling in canola was unable to penetrate the March 7th low,
however, and the market bounced. The bounce built on itself and canola
retraced about half of last Friday's losses. The bounce was aided by a
firmer tone in the soy complex and European rapeseed, but weakness in palm
oil and strength in the Canadian dollar stifled the buying in canola. The
Canadian dollar gained about a tenth of a cent against the U.S. dollar
early on Monday, though it did back off somewhat later in the day.
May Canola 468.90 449.00
Jly Canola 477.30 457.80
Your local weather forecast from DTN can be sent to your email every morning free through DTN Snapshot