By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures turned around on Thursday close higher despite a lack of support.
There were small upticks in the Chicago soy complex and Malaysian palm oil, while European rapeseed stepped back. Moderate declines in crude oil put pressure on the vegetable oils.
An analyst said China’s tariffs on Canadian canola seed and products plus an increasing Prairie harvest weighed on values.
Manitoba reported that the combining of its canola was 10 per cent complete and Saskatchewan placed its canola at four per cent finished.
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By Glen Hallick Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange continued to rise on Friday morning,…
The Canadian dollar was lower Thursday afternoon, with the loonie at 72.32 U.S. cents compared to Wednesday’s close of 72.50.
There were 62,844 contracts traded on Thursday, compared to 57,184 on Wednesday. Spreading accounted for 40,742 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Nov 620.20 up 3.30 Jan 632.10 up 3.70 Mar 643.40 up 4.20 May 653.40 up 4.40
SOYBEAN futures at the Chicago Board of Trade nudged up on Thursday, due to spillover from gains in soymeal that also pushed up soyoil a little.
An Allendale survey forecast United States soybean yields for 2025/26 to be 53.28 bushels per acre with production at 4.27 billion bushels. In August, the U.S. Department of Agriculture placed the soybean yield at 53.6 bu./ac. and production at 4.29 billion bushels. The next supply and demand report from the USDA is Sept. 12.
U.S. Census data placed July soybean exports at 1.75 million tonnes at a three-year high and 17.4 per cent more than a year ago. Soymeal exports came to 1.39 million tonnes, up 37.3 per cent from the previous July and a record for the month. Soyoil shipments of 28,583 tonnes were the lowest since November.
With Labour Day, the USDA postponed its weekly export sales report to Friday. To date, there appear to be no new crop soybean purchases made by China.
The planting of winter rapeseed in Ukraine reached 34 per cent complete. Rain in the country’s south and east has alleviated some drought concerns.
CORN futures bumped up on Thursday, as projections for next week’s USDA report began.
The Allendale survey estimated U.S. corn to yield 187.52 bu./ac. with a harvest of 16.63 billion bushels. Last month, the USDA predicted a yield of 188.80 bu./ac. and production of 16.74 billion bushels.
The U.S. Energy Information Administration reported ethanol production for the week ended Aug. 29, averaged 1.08 million barrels per day, an improvement of 5,000 BPD. Soyoil stocks added 15,000 barrels at 22.56 million.
Census data placed July corn exports at 6.22 million tonnes, up 16.8 per cent from the previous July and the second most for the month.
The USDA attaché in New Delhi projected India’s 2025/26 corn crop at 43 million tonnes, up from last year’s 42.3 million. Ending stocks are to be 1.42 million tonnes, down 500,000 from 2024/25.
Argus Media placed the Ukrainian corn crop at 31.3 million tonnes, a jump of 16.4 per cent from 2024/25 but nine per cent short of the five-year average.
WHEAT futures continued lower on Thursday, in the face of favourable conditions.
The U.S. seven-day forecast has called for up to two inches of rain for the Southern Plains and dryness for the Northern Plains.
Census data pegged July wheat exports at 2.31 million tonnes, jumping 22.5 per cent from a year ago for a five-year high.
Heavy rains in Argentina of about four inches this past weekend continued to delay the country’s wheat and corn planting.
