By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures were virtually unchanged on Thursday, unable to retain their gains from earlier in the session.
Although canola tried to resume its post-harvest upward trend, pressure from losses in the Chicago soy complex and Malaysian palm oil proved to be too much to fend off. Slight upticks in MATIF rapeseed helped to temper the downturn, while small declines in crude oil weighed on the vegetable oils.
China’s absence from the Canadian canola exports continued to loom over the market.
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The January canola contract remained above its 20- and 50-day moving averages while its 100- and 200-day moving averages converged towards each other.
The Canadian dollar slipped further back on Thursday afternoon with the loonie at 70.96 U.S. cents compared to Wednesday’s close of 71.23.
There were 39,056 contracts traded on Thursday, compared to 63,192 on Wednesday. Spreading accounted for 23,216 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Jan 650.20 dn 0.20
Mar 663.00 dn 0.10
May 673.00 up 0.10
Jul 678.10 up 0.10
SOYBEAN futures at the Chicago Board of Trade were weaker on Thursday, with new business to China being ignored.
The United States Department of Agriculture announced a private sale for 462,000 tonnes of 2025/26 soybeans to China. This brought known sales to China for the current marketing year to 1.81 million tonnes.
The USDA issued its export sales report for the week ended Oct. 2, as the department continued to catch up with the backlog of reports from the federal government shutdown. Soybean sales came to 919,447 tonnes versus trade projections of 600,000 to 1.60 million tonnes. Soymeal export sales were 328,300 tonnes and those for soyoil had net reductions of 11,800 tonnes.
The International Grains Council cut its call on the 2025/26 global soybean carryout in its November report, bringing it to 77.40 million tonnes from 79 million in October. That coincided with the IGC lowering world soybean production to 426.40 million tonnes from 428 million.
CORN futures were lower on Thursday, in concert with soy and wheat.
The USDA said there were 2.26 million tonnes of corn sold, compared to trade estimates of 1.40 million to 2.50 million tonnes.
The IGC raised its projection on the 2025/26 corn carryover to 299.50 million tonnes from 298.60 million in October. It upped world corn production by 800,000 tonnes at nearly 1.30 billion.
South Korea purchased 329,000 tonnes of corn, but from where wasn’t reported.
WHEAT futures were lower on Thursday, due to a favourable weather outlook.
Rain fell across an area that included Arkansas, Missouri, and southern Illinois. Snow is in the seven-day forecast for Montana, North Dakota and northern Minnesota. Drought remains in Minnesota, Wisconsin and eastern Iowa, as well as parts of Nebraska, Illinois and Texas.
U.S. wheat export sales were 887,864 tonnes, well surpassing trade guesses of 350,000 to 600,000 tonnes.
The USDA said today there’s a private sale for 132,000 tonnes of 2025/26 white wheat to China.
Informa projected total U.S. wheat acres to be 44 million in 2026/27, down from 45.30 million the previous year.
SovEcon projected the 2026/27 Russian wheat crop at 83.80 million tonnes compared to 88.60 million for 2025/26.
The IGC nudged up its estimated on 2025/26 world wheat ending stocks by 300,000 tonnes at 275.10 million. Output was raised by 290,000 tonnes at 690.40 million.
Saudi Arabia issued a tender for 300,000 tonnes of wheat.
