Glacier FarmMedia — The ICE Futures canola market closed narrowly mixed on Tuesday, as spillover support from gains in Chicago soyoil was countered by the bearish influence of the rising Canadian dollar.
- Soyoil futures settled at their highest levels in five months, with soybeans also up on the day. European rapeseed and Malaysian palm oil held closer to unchanged.
- Chinese importers have bought up to 10 cargoes Canadian canola, or about 650,000 tonnes, since a deal to lower tariffs was reached earlier this month, according to reports.
- The March canola contract ran into resistance around C$650 per tonne, with values thought to be consolidating after trending higher for most of January.
- Strength in the Canadian dollar, which hit a six-month high relative to its United States counterpart, kept a lid on the upside for canola. The stronger currency cuts into crush margins and makes exports less attractive for international buyers.
- There were 35,073 contracts traded on Tuesday, which compares with Monday when 59,999 contracts changed hands. Spreading accounted for 26,474 of the contracts traded.
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SOYBEAN futures at the Chicago Board of Trade were stronger Tuesday, with broad weakness in the United States dollar providing support.
- The weaker currency makes exports more attractive for international buyers.
- However, expectations for a record-large Brazilian crop tempered the upside as the harvest progresses in the South American country.
- Brazilian grain exporter association ANEC estimated the country will export 3.23 million tonnes of soybeans in January. That was down by about half a million tonnes from last week’s estimate, but still a million above what moved during January 2025.
CORN futures were softer, despite some good export demand.
- The U.S. Department of Agriculture reported private export sales of 110,000 tonnes of corn to unknown destinations this morning.
- United States President Donald Trump was in Iowa on Tuesday and was expected to give a speech after the markets close. Market participants will be following closely for any comments from Trump on biofuels in the major corn and soybean producing state.
WHEAT futures were mixed, with the bias higher in the most-active months.
- Cooler temperatures are forecast to persist across much of the U.S. winter wheat growing area after a severe storm brought freezing rains and snow over the past weekend.
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