• Soymeal received a boost from news of private export sales of 100,000 tonnes of U.S. soymeal to Italy.
• The tenuous ceasefire in the Middle East kept some caution in the futures, with peace talks between Iran and the United States scheduled to start Saturday.
• The U.S. Department of Agriculture released updated supply/demand estimates on Thursday, leaving its U.S. soybean ending stocks projection for 2025-26 at 350 million bushels, after lowering exports by 35 million bushels and raising domestic usage by the same amount.
• The USDA’s attaché in Buenos Aires forecast Argentina’s upcoming 2026-27 soybean crop at 49 million tonnes, which would be up by a million tonnes from the current marketing year.

CORN futures were weaker Friday, as large supplies continued to overhang the market.

• U.S. corn ending stocks for 2025-26 were unchanged at 2.127 billion bushels, which compares with 1.551 billion the previous year. The world corn carryout was up by 2.06 million tonnes from the April estimate at 294.81 million tonnes.
• The need to keep some premiums in the market to encourage corn area given the high fertilizer costs was somewhat supportive.
• The USDA reported flash sales of 125,640 tonnes of corn to unknown destinations Friday morning.

WHEAT futures managed to uncover some support after falling to fresh four-month lows in early activity, settling narrowly mixed as traders squared positions ahead of the weekend.

• Forecasts calling for rains in parts of the U.S. Plains should alleviate dryness concerns where the precipitation falls. However, drought has already cut into yield prospects in some areas.

• Projected world wheat ending stocks for 2025-26 were raised to 282.12 million tonnes from 276.96 million tonnes in March. Larger crops in Europe, Russia and India were behind the revision that topped trade expectations.

The post CBOT review: Soybeans rise with soymeal appeared first on Alberta Farmer Express.

• May canola traded just above chart support at its 50-day moving average.
• Ongoing uncertainty over the war in the Middle East kept some caution in the agricultural futures. Crude oil saw choppy trade, with the bias lower by the afternoon.
• Large old crop supplies remained a bearish influence overhanging the canola market, although wide crush margins kept end-users showing some demand on a scale-down basis.
• Canada exported 283,500 tonnes of canola during the week ended April 5, which was up 22 per cent from the previous week, reported the Canadian Grain Commission. Crop-year-to-date exports of 5.59 million tonnes compare with 7.18 million tonnes at the same point the previous year.
• There were 67,980 contracts traded on Friday, which compares with Thursday when 71,971 contracts changed hands. Spreading accounted for 48,142 of the contracts traded.

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• Malaysian palm oil was also weaker, but European rapeseed and Chicago soybeans were higher on the day.
• May canola traded just above chart support at its 50-day moving average.
• Ongoing uncertainty over the war in the Middle East kept some caution in the agricultural futures. Crude oil was seeing choppy trade, with the bias higher at midday.
• Large old crop supplies remained a bearish influence overhanging the canola market, although wide crush margins kept end-users showing some demand on a scale-down basis.
• An estimated 35,500 canola contracts traded as of 10:45 CDT.

Prices in Canadian dollars per metric tonne at 10:45 CDT:

Canola            May   705.30    dn  3.40

                  Jul   718.30    dn  3.60

                  Nov   718.60    dn  1.10

                  Jan   725.30    dn  1.80

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Glacier FarmMedia – Canola futures on the Intercontinental Exchange were mostly lower on Friday morning, with increases in the more deferred contracts.

Losses in Malaysian palm oil and Chicago soyoil weighed on canola values, while support came from gains in MATIF rapeseed as well as Chicago soybeans and soymeal. Crude oil was either side of unchanged, offering little direction to the vegetable oils.

The May canola contract remained below its 20-day moving average, but well ahead of its other technical levels.

Canola crush margins were little changed, with the May position holding at C$334 per tonne above the futures.

There was no spillover for canola from yesterday’s supply and demand estimates issued by the United States Department of Agriculture. That included the USDA maintaining its forecast on 2026/27 Canadian canola production at 22 million tonnes in its world oilseed report.

The Canadian dollar nudged up on Friday morning, with the loonie at 72.42 U.S. cents, compared to Thursday close of 72.35.

Approximately 11,700 contracts had been traded by 8:39 CDT and prices in Canadian dollars per metric tonne were:     

                          Price      Change

Canola            May     706.60     dn  2.10

                  Jul     719.70     dn  2.20

                  Nov     718.50     dn  1.20

                  Jan     725.40     dn  1.70

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• The U.S. Department of Agriculture released updated supply/demand estimates, leaving its U.S. soybean ending stocks projection for 2025-26 at 350 million bushels, after lowering exports by 35 million bushels and raising domestic usage by the same amount.
• World soybean carryout was tightened to 124.79 million tonnes, from 125.31 million tonnes in March. Production estimates for South America were left unchanged.

CORN futures were weaker Thursday, despite the gains in crude oil.

• U.S. corn ending stocks for 2025-26 were unchanged at 2.127 billion bushels. Meanwhile, the world corn carryout was up by 2.06 million tonnes from the April estimate at 294.81 million tonnes.
• The need to keep some premiums in the market to encourage corn area given the high fertilizer costs was somewhat supportive.

WHEAT futures fell to their lowest levels of the past month, pressured by favourable forecasts for the U.S. Plains and larger-than-expected world stocks.

• Projected world wheat ending stocks for 2025-26 were raised to 282.12 million tonnes from 276.96 million tonnes in March. Larger crops in Europe, Russia and India were behind the revision that topped trade expectations.
• The U.S. wheat carryout was raised to 938 million bushels, from 931 million last month.

The post CBOT review: Soybeans rise, grains down Thursday appeared first on Alberta Farmer Express.

• Uncertainty over the tentative ceasefire between the United States and Iran saw crude oil post small gains, although traffic through the Strait of Hormuz remains constricted.
• Chicago soyoil, European rapeseed and Malaysian palm oil were all higher, contributing to the gains in canola.
• However, canola ran into resistance, as “the way up isn’t ever as fast as the way down,” said an analyst. 
• Updated supply/demand estimates from the United U.S. Department of Agriculture were relatively neutral for soybeans, as the agency left its U.S. ending stocks estimate unchanged from March.
• There were 71,971 contracts traded on Thursday, which compares with Wednesday when 99,898 contracts changed hands. Spreading accounted for 48,680 of the contracts traded.

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• Uncertainty over the stability of the tentative ceasefire between the United States and Iran saw crude oil rising on Thursday, with traffic through the Strait of Hormuz still constricted.
• Chicago soyoil, European rapeseed and Malaysian palm oil were all higher, contributing to the gains in canola.
• However, “the way up isn’t ever as fast as the way down,” said an analyst, as canola had only recovered about half of Wednesday’s losses by midsession.  
• The U.S. Department of Agriculture will release updated supply/demand estimates at 11:00 CDT. Analysts do not expect any major adjustments from the previous report, but any surprises in the data could provide direction for the futures ahead of the close.
• An estimated 38,000 canola contracts traded as of 10:34 CDT.

Prices in Canadian dollars per metric tonne at 10:34 CDT:

Canola            May   713.10    up  8.20

                  Jul   726.70    up  8.60

                  Nov   723.90    up  9.10

                  Jan   730.40    up  8.90

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Glacier FarmMedia – Canola futures on the Intercontinental Exchange pushed higher on Thursday morning, partially recovering some of Wednesday’s declines.

Crude oil turned around as the Strait of Hormuz remains closed and the threat of the Middle East war ramping up increased. That higher crude led to spillover going into the vegetable oils, with gains in the Chicago soy complex, Malaysian palm oil and MATIF rapeseed.

The May canola contract was firmly below its 20-day moving average but still higher than its other technical levels.

Canola crush margins dropped back after Wednesday’s close, with the May position losing more than C$16 at about C$334 per tonne above the futures.

Later this morning, the United States Department of Agriculture will issue its April supply and demand estimates. Any notable movement in the U.S. commodities is likely to find its way into the canola futures.

The Canadian dollar was higher on Thursday morning, with the loonie at 71.34 U.S. cents, compared to Wednesday close of 72.20.

Approximately 13,100 contracts had been traded by 8:48 CDT and prices in Canadian dollars per metric tonne were:     

                          Price      Change

Canola            May     709.10     up  4.20

                  Jul     722.30     up  4.20

                  Nov     718.50     up  3.80

                  Jan     725.30     up  3.80

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• The tentative ceasefire agreement between the U.S. and Iran weighed heavily on world energy markets, causing soyoil to fall off its contract highs.
• The U.S. Department of Agriculture will release its latest supply/demand estimates on Thursday.
• Ideas that rising fertilizer costs will encourage more soybean plantings in the United States this spring put some pressure on values.

CORN futures were weaker Wednesday, pressured by the losses in crude oil.

• A lack of any major weather worries as spring seeding starts in the southern U.S. contributed to the softer tone.
• However, the need to keep some premiums in the market to encourage corn area given the high fertilizer costs was somewhat supportive.

WHEAT futures fell sharply lower, with favourable forecasts and spillover from the losses in crude oil weighing on prices.

• Much of the U.S. Plains is expected to receive beneficial rain over the next week, which should help condition ratings for winter wheat improve.

• Adjustments to U.S. and world wheat stocks in Thursday’s USDA data could provide some direction, although traders anticipate only minor shifts.

The post CBOT review: Soybeans firm, despite ceasefire news, grains lower appeared first on Alberta Farmer Express.

• Brent crude oil was down by 13 per cent late in the day at roughly US$95 per barrel.
• Reopening of the Strait of Hormuz was included as part of the ceasefire agreement, but Israeli attacks on Hezbollah in Lebanon saw Iran reclose the waterway in retaliation — leading to some uncertainty over how long the ceasefire may hold.  
• Chicago soyoil, European rapeseed and Malaysian palm oil futures were all lower, contributing to the softer tone in canola.
• Chart-based speculative selling added to the softer tone in canola as the May contract broke below the lower end of its nearby trading range.
• However, historically wide crush margins of about C$350 per tonne above the nearby futures likely had end users buying on the way down.
• There were 99,898 contracts traded on Wednesday, which compares with Tuesday when 58,833 contracts changed hands. Spreading accounted for 55,898 of the contracts traded.

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The post ICE review: Canola drops with crude oil on ceasefire news appeared first on Alberta Farmer Express.