Glacier FarmMedia -– Canola futures on the Intercontinental Exchange entered the Christmas holidays in the red, pulled down by weaker comparable oils, a record harvest, lacklustre exports and a stronger Canadian dollar.
Earlier this month, Statistics Canada forecast a record canola crop of 21.80 million tonnes. However, due to China’s tariffs on Canadian canola seed and meal, exports have totalled only 2.43 million tonnes this marketing year as of Dec. 14, compared to 4.20 million at the same time last year.
Chicago soyoil and European rapeseed were down while Malaysian palm oil was up. Crude oil was slightly higher after Russia’s overnight attack on Ukrainian energy infrastructure.
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At mid-afternoon, the Canadian dollar was up nearly three-tenths of a United States cent compared to Monday’s close.
Canola trading will close at noon CST on Wednesday and won’t reopen until Monday.
There were 45,399 canola contracts traded on Tuesday, compared to Monday when 73,279 contracts changed hands. Spreading accounted for 25,548 of the contracts traded.
With Christmas, the Chicago Board of Trade will close at noon CST on Wednesday.
CORN prices moved up for the fourth time in five sessions on Tuesday, with the March contract hitting a two-week high.
The United States Department of Agriculture reported 1.74 million tonnes of corn export sales during the week ended Dec. 11, at the high end of trade estimates. The amount was up 17.9 per cent from the previous week and up 48.5 per cent from a year ago. Export sales commitments up to Dec. 11 were 47.58 million tonnes, 31 per cent above the same week last year.
A study by California’s regulatory agencies found that 15 per cent ethanol (E15) gasoline won’t post significant harms to public health compared to the E10 blend, which may lay the ground for permanent E15 sales.
The European Union imported 7.81 million tonnes of corn since July 1, down 21 per cent from last year.
SOYBEANS showed minimal losses on Tuesday after Monday trading halted a string of six consecutive negative sessions.
The USDA reported a marketing-year high of 2.396 million tonnes of soybeans sold for export during the week ended Dec. 11, 68.3 per cent above the same week last year. Soymeal sales exceeded trade estimates at 616,453 tonnes, while soyoil sales were at the lower end at 8,600 tonnes.
Central and southern soybean-growing areas of Argentina will see dry conditions over the next two weeks.
The Trump administration is expected to make its decision on 45Z tax credits for sustainable aviation fuel in the next week. As of Jan. 1, U.S. tax credits under the 45Z program will rise to 64 cents per gallon for biodiesel producers and 53 cents for renewable diesel producers.
A Russian drone struck a vessel carrying soybeans in the Ukrainian port of Odesa late Monday.
The EU imported six million tonnes of soybeans so far in 2025-26, down 14 per cent from last year. Meanwhile, soymeal imports were 8.83 million tonnes, down 11 per cent.
While March Minneapolis spring and Chicago soft WHEAT were nearly unchanged, March Kansas City hard red was up more than six cents per bushel.
The USDA tallied 432,609 tonnes of wheat export sales for the week ended Dec. 11, up 13.4 per cent from the previous week.
The EU exported 10.8 million tonnes of wheat so far in 2025-26, compared to 11 million tonnes this time last year.
SovEcon reported Russian farmers seeded 39.8 million acres of winter wheat this year, down 200,000 from last year. It also estimated spring wheat acres for 2026 will decline to 26.43 million.
