By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures stepped back on Monday, due to pressure from China’s tariffs on canola and good crop conditions on the Canadian Prairies.
Added to that, Reuters reported China acquired 50,000 tonnes of canola from Australia, marking its first such purchase since 2020. While China is the world’s top canola importer, Australia is the number two exporter, behind only Canada.
Thunderstorms were forecast for much of the Prairies today, with southern portions of the region to remain dry. An analyst said the Prairies are to see less rain for the balance of August.
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The Chicago soy complex was narrowly mixed, with a small amount of support from soyoil, while soybeans and soymeal were down slightly. Gains in European rapeseed and Malaysian palm oil tempered further losses in canola, while modest increases in crude oil found their way into the vegetable oils.
The November canola contract remained well below its major moving averages, putting pressure on the oilseed.
The Canadian dollar was firm on Monday afternoon with the loonie steady at 72.41 U.S. cents.
There were 33,057 contracts traded on Monday, compared to 40,734 on Friday. Spreading accounted for 15,632 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Nov 651.70 dn 9.20 Jan 663.30 dn 9.40 Mar 673.50 dn 9.30 May 682.40 dn 9.30
SOYBEAN futures at the Chicago Board of Trade were slightly weaker on Monday, with the results of the first day of the Pro Farmer crop tour expected this evening.
Ongoing favourable conditions continued to weigh on United States crops, with the major growing areas to get more rain and below normal temperatures for the rest of August.
The U.S. Department of Agriculture reported export inspections of soybeans rose to 473,605 tonnes for the week ended Aug. 14. That brought the year-to-date to 48.87 million tonnes versus 43.79 million this time last year.
The U.S. National Oilseed Processors Association said the July crush came to 195.70 million bushels of soybeans, exceeding the average trade guess of 188.50 million. Soyoil stocks of 1.38 billion pounds were down 14.7 per cent from last July.
CORN futures were narrowly mixed on Monday, before the end of Day One of the crop tour.
The USDA reported a private sale for 124,000 tonnes of corn to unknown destinations.
U.S corn exports inspections pulled back to 1.05 million tonnes from last week, with the cumulative tally hitting 64.22 million tonnes compared to 50.16 million a year ago.
AgRural slotted the Brazil second corn harvest at 94 per cent complete, advancing six points on the week.
WHEAT futures were lower on Monday, as a reflection of crop conditions.
The USDA said wheat export inspections slipped to 395,240 tonnes, with the year-to-date at 4.81 million tonnes versus 4.64 million a year ago.
IKAR raised its call on total grain production in Russia for 2025/26 to 132 million tonnes from 130.50 million. For wheat alone, IKAR upped its production estimate by one million tonnes at 85.50 million tonnes, with exports also up one million at 42.50 million.
