By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures closed higher on Tuesday, getting some support from gains in Chicago soyoil, MATIF rapeseed and Malaysian palm oil.
A trader suggested that the speculative funds also held sway over the canola market, pushing prices higher. The trader said the canola crushers have having trouble selling their oil and meal due to China’s tariffs.
Declines in Chicago soybeans and soymeal limited the upside. As with crude oil, which lost its earlier increases and was now steady to lower.
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The Canadian Grain Commission reported cumulative 2025/26 producer deliveries of canola were 7.28 million tonnes, down 11.1 per cent from this time last year. Canola exports of 2.54 million tonnes have dropped 42.2 per cent but domestic use of 4.61 million tonnes is virtually on par with last year.
Despite the increase in the March canola contract it remains behind its major moving averages.
The Canadian dollar was a pinch lower on Tuesday afternoon with the loonie at 73.02 U.S. cents, compared to Monday’s close of 73.07.
There were 29,348 contracts traded on Tuesday, compared to 31,537 on Monday. Spreading accounted for 14,068 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Jan 594.60 up 5.00
Mar 608.80 up 5.90
May 619.30 up 5.40
Jul 627.20 up 5.00
SOYBEAN futures at the Chicago Board of Trade were lower on Tuesday, lacking sufficient support to remain positive.
The United States Department of Agriculture announced two private sales of 2025/26 soybeans. One was for 136,000 tonnes to China, and the other was for 231,000 tonnes to unknown destinations.
First notice for January futures is Wednesday. Trading tomorrow will stick with normal daytime hours and will remain closed for New Year’s until Friday at 8:30 a.m. CST.
Soybean and Corn Advisor’s Michael Cordonnier upped his call on Brazil soybean production by one million tonnes, now at 178 million. Cordonnier held is estimate for Argentina soybeans at 49 million tonnes.
The soybean harvest is underway in the Brazilian states of Parana and Mato Grasso. In Argentia, soybean planting was nearly 76 per cent complete.
Brazilian exporter group ANEC projected the country’s December soybean exports to be 3.02 million tonnes.
Ongoing Chinese military exercises surrounding Taiwan have heightened tensions with the U.S.
CORN futures were down on Tuesday, in sympathy with soybeans and wheat.
The U.S. Energy Information Administration reported ethanol production averaged almost 1.10 million barrels per day, down 36,000 BPD. Ethanol stocks increased by 175,000 barrels at 22.53 million.
Cordonnier maintained his calls on Brazil and Argentina corn output at 137 million and 54 million tonnes, respectively.
ANEC said Brazil’s December corn exports are to come to 6.35 million tonnes.
Corn planting in Argentina was reported to be 77 per cent done.
WHEAT futures were lower on Tuesday, with Minneapolis unable to retain its small increase at the settlement.
SovEcon added 400,000 tonnes to its estimate of Russian wheat exports to now 44.60 million.
Ukraine said two cargo vessels were struck by Russian drones as they awaited to be loaded with wheat.
