By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures closed lower on Monday, as the multi-day rally likely ran out of steam, said an analyst.
The analyst said the technicals largely propelled the rally with the funds taking it as far as they could. Also, the increases were to entice reluctant farmers to sell their canola.
“We’ve had a fairly decent rally into 2026, It’s been mostly technical,” he said, noting it was, “a heck of a selling opportunity for undersold farmers.”
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Losses in the Chicago soy complex and most MATIF rapeseed contracts weighed on canola values. Upticks in Malaysian palm oil helped to temper the declines, but softness in crude oil pressured the vegetable oils.
The March canola contract remained above most of its moving averages, lagging behind its 200-day average.
The Canadian dollar was slightly higher on Monday afternoon, with the loonie at 72.91 U.S. cents compared to Friday’s close of 72.82.
There were 59,999 contracts traded on Monday, compared to 54,536 on Friday. Spreading accounted for 29,316 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Mar 647.10 dn 4.60
May 657.20 dn 5.40
Jul 662.60 dn 6.70
Nov 655.40 dn 7.60
SOYBEAN futures at the Chicago Board of Trade were lower on Monday, as the winter storm that struck much the United States dissipated. The storm brought significantly below normal temperatures and heavy snow, but rain/ice in areas further south.
The U.S. Department of Agriculture reported export inspections for the week ended Jan. 22 included 1.32 million tonnes of soybeans, a pinch lower than the previous week. The year-to-date total reached 20.67 million tonnes compared to 33.05 million a year ago.
AgRural said the Brazil soybean harvest was about five per cent complete, about two points ahead of last year’s harvest. Also, AgRural upped its production call by 600,000 tonnes at 181 million.
CORN futures stepped back on Monday, in sympathy with soy.
Export inspections of U.S. corn came to 1.51 million tonnes, up slightly from a week ago. Cumulative inspections tallied 31.44 million tonnes, versus 20.50 million this time last year.
AgRural placed the combining of Brazil’s first corn crop at about five per cent finished in the center-south regions of the country. That put it about three points ahead of a year ago.
AgRural estimated the planting of Brazil’s second crop was about five per cent done, nearly four points back from last year. The consultancy raised its production estimate by 600,000 tonnes at 136.60 million.
The Rosario Grain Exchange forecast the Argentine corn harvest at a record 62 million tonnes.
WHEAT futures were lower on Monday, following soy’s lead.
U.S. wheat export inspections were 351,001 tonnes, down a little from last week. The year-to-date hit 16.33 million tonnes compared to 13.81 million a year ago.
IKAR estimated the price for Russian wheat increased US$1.50 at US$229 per tonne free-on-board. SovEcon placed those wheat prices at C$228 to US$230 tonne FOB.
