Glacier FarmMedia — The ICE Futures canola market was weaker on Tuesday as a selloff in Chicago soyoil spilled over to weigh on values. The losses came despite confirmation of relatively tight canola ending stocks from Statistics Canada.
Canadian canola stocks as of July 31, 2025, were estimated at 1.6 million tonnes by StatCan. That was at the lower end of pre-report trade estimates and roughly half of what was on hand at the same time a year ago.
Malaysian palm oil was also weaker on the day, although gains in European rapeseed provided some spillover support.
Harvest operations were advancing across the Prairies amid relatively favourable weather conditions.
There were 44,742 contracts traded on Tuesday, which compares with Monday, when 40,429 contracts changed hands. Spreading accounted for 32,468 of the contracts traded.
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SOYBEAN futures at the Chicago Board of Trade were weaker on Tuesday, as relatively favourable crop prospects weighed on values.
Soybeans in the United States were rated 64 per cent good to excellent in the latest crop progress report from the Department of Agriculture. While that was down one point on the week, average trade guesses had been for a two-point drop.
Positioning ahead of updated supply/demand estimates from the USDA due out on Friday was a feature, with average pre-report projections calling for small cuts to yields and production from the August report.
CORN settled with small losses, taking back some of Monday’s gains.
Corn condition ratings lost one point on the week, coming in at 68 per cent good to excellent.
U.S. corn production is expected to be revised lower in Friday’s report, although the crop would still likely be record-large.
WHEAT futures were pressured by the advancing spring wheat harvest and relatively favourable planting weather for the upcoming winter wheat crop.
The U.S. spring wheat crop was 85 per cent harvested in the latest weekly report, which compares with the five-year average of 84 per cent done. Winter wheat seeding was also underway, at five per cent complete.
Canadian wheat ending stocks as of July 31, 2025, were estimated at 4.1 million tonnes by Statistics Canada, which was down by 22 per cent from the same time a year ago.
