Glacier FarmMedia — The ICE Futures canola market was stronger on Tuesday, after trading to both sides of unchanged in choppy activity.
A turn higher in the Chicago soy complex after early losses accounted for some spillover buying interest in the Canadian oilseed. Chart-based positioning was a feature, with a move back above the 20-day moving average in the January contract supportive from a technical standpoint.
Canadian oilseed processors crushed 1.027 million tonnes of canola in October, which was up by 1.9 per cent from September but down 6.8 per cent from the same month a year ago, reported Statistics Canada. An estimated 2.902 million tonnes of canola was crushed during the first three months of the 2025/26 crop-year-to-date, which compares with 2.885 million at the same point the previous year.
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ICE canola mixed at midday Tuesday
Glacier FarmMedia — ICE Futures canola contracts were narrowly mixed at midday Tuesday, lacking any clear direction in choppy trade….
Soft export demand continued to weigh on values, although a lack of significant farmer selling on the other side provided support.
There were 40,682 contracts traded on Tuesday, up from Monday when 39,187 contracts changed hands. Spreading accounted for 31,440 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were stronger on Tuesday, recovering from earlier losses as optimism over the possibility of increased demand from China provided support.
With only a month left in the calendar year, the United States is still far away from meeting the goal of selling 12 million tonnes of soybeans to China in 2025 with prices about a dollar per bushel more expensive than sourcing from Brazil.
However, market participants remain confident that China will meet its commitments and increase purchases going forward. U.S. Treasury Secretary Scott Bessent described Chinese buying as “right on schedule” on Tuesday.
U.S. markets will be closed Thursday for Thanksgiving and only open for reduced hours on Friday, with traders already moving to the sidelines ahead of the holiday.
CORN futures moved higher, with pre-Thanksgiving positioning a feature.
Weather forecasts calling for stormy weather across much of the Midwest lent some support to the cash market, as grain movement should be hampered.
WHEAT futures were thought to be due for a correction after recent losses. However, the upside was limited as large global wheat supplies and declines in Russian prices weighed on values.
The advancing harvests in Australia and Argentina also weighed on prices, with fresh supplies starting to become available from the Southern Hemisphere.
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
