Glacier FarmMedia — Grain and oilseed prices on the Chicago Board of Trade moved up and down during the week ended Feb. 18, lacking any clear direction as traders awaited more details on export demand and 2026 planting intentions.
Scott Capinegro, hedging specialist for AgMarket.net, said May corn was approaching a February low but is setting itself up for a March rally. As for wheat, he said funds were short and technicals were conducive for rallies the past week.
Soybeans’ rise can be attributed to rallying soyoil, of which the May contract had a weekly gain of 1.58 cents per pound. But the White House is expected to announce its biodiesel fuel blend in the coming days.
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ICE canola weekly outlook: Rallying soyoil supportive
ICE Futures canola contracts were underpinned by a rally in Chicago soyoil during the week ended Feb. 18, but the Canadian oilseed ran into upside chart resistance that tempered gains.
“That one could end up being ‘buy the rumour, sell the fact,’” he said. “We’re racing to meet a self-imposed deadline by the end of March. We’ve already put that rally into the market.”
Exports also should be giving support to corn and soybeans, said Capinegro.
“The corn exports continue to be good, but the corn market does act sloppy. We are breaking to the lower end of the range (in March corn). As for soybeans, it’s China, China, China,” he said, adding that the U.S. is waiting for Lunar New Year celebrations to end before shipping more beans to China.
The United States Department of Agriculture will host its 2026 Agricultural Outlook Forum from Feb. 19 to 20 in Arlington, Va. Capinegro said many are expecting projected corn acres to be trimmed while those for soybeans are raised. However, one grain’s loss could benefit two major crops.
“Are they taking into consideration (the loss) of a lot of rice acres down south?” he said. “They’re going into corn and beans.”
