Glacier FarmMedia — The ICE Futures canola market was stronger on Monday, rising off the five-month lows hit last week amid ideas the market was looking overdone to the downside.
Advances in Chicago soyoil and soybeans provided some underlying support, although canola outpaced the United States market higher.
Supports to biofuel production announced by the Canadian government announced Friday continued to underpin the market. However, the Canola Council of Canada and Canadian Canola Growers Association were disappointed in the support package, saying in a news release that the measures don’t go far enough to support the industry in the face of the ongoing trade dispute with China.
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ICE canola holding onto gains at midday Monday
By Phil Franz-Warkentin Glacier FarmMedia — The ICE Futures canola market was posting small gains at midday Monday, as the…
Statistics Canada will release ending stocks data on Tuesday, showing canola supplies in the country as of July 31, 2025. Trade estimates range from 1.5 million to 4.0 million tonnes, with average guesses coming in below the 3.23 million-tonne carryout from last year.
There were 40,429 contracts traded on Monday, which compares with Friday, when 51,688 contracts changed hands. Spreading accounted for 21,110 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were stronger on Monday, with weakness in the United States dollar providing broad support for the grains and oilseeds.
Positioning ahead of updated supply/demand estimates from the U.S. Department of Agriculture due out on Friday was a feature, with market participants divided on whether soybean production will be revised up or down from August.
Weekly U.S. soybean export inspections at just under half a million tonnes of old and new crop business combined were down on the week, but still about 24 per cent above what moved the same week a year ago.
CORN was also underpinned by the weaker U.S. dollar and pre-report positioning.
Weekly U.S. corn export inspections at 1.4 million tonnes were up two per cent on the week, but nearly 70 per cent ahead of what moved the same week a year ago.
WHEAT futures strengthened as the softer U.S. dollar made exports more attractive on the international market.
However, weekly U.S. wheat export inspections of 425,000 tonnes were down on both the week and year.
Consultancy IKAR raised its call on Russian wheat production in 2025 to 84.5 million tonnes, from an earlier estimate of 84.0 million.
Estimates out of the Black Sea region placed Ukrainian wheat production at 21.9 million tonnes and Russia’s crop at 86.1 million tonnes.
