By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures turned weaker on Wednesday, despite support from gains in the Chicago soy complex and Malaysian palm oil.
Speculation that a deal would see China reopen its borders to Australian canola likely accounted for some of the selling pressure.
A trader said he believes there’s an influx of canola heading to the elevator system, on the idea there’s more old crop out there previously thought.
Declines in European rapeseed also contributed to the sharp losses in canola, while small upticks in crude oil did little to change the course of vegetable oils.
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The Canadian dollar hovered around the 73 U.S. cent mark on Wednesday afternoon with the loonie at 73.05 compared to Tuesday’s close of 72.94.
There were 35,202 contracts traded on Wednesday, compared to 27,846 on Tuesday. Spreading accounted for 14,240 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Nov 676.00 dn 14.80 Jan 684.90 dn 14.00 Mar 691.70 dn 13.40 May 696.90 dn 13.10
SOYBEAN futures at the Chicago Board of Trade were stronger on Wednesday, with more modest gains in soyoil and soymeal.
The United States Department of Agriculture announced a private sale for 120,000 tonnes of new crop soybeans to unknown destinations.
Brazilian exporter group ANEC bumped up its call on the country’s July soybean exports by 260,000 tonnes to now 12.19 million tonnes. That would make for an increase of 940,000 tonnes from the previous July.
China estimated its July soybean imports to reach 10.50 million tonnes, compared to 9.85 million a year ago.
CORN futures were higher on Wednesday, following the weekly ethanol report from the U.S. Energy Information Administration.
The EIA said ethanol production averaged 1.09 million barrels per day, up 20,000 BPD.
ANEC pegged Brazil’s July corn exports at 4.30 million tonnes, also up 260,000 tonnes from its previous call and 750,000 tonnes more than last July.
WHEAT futures were mixed on Wednesday, with an increase in Chicago soft red and slight losses in Kansas City hard red and Minneapolis spring.
U.S. President Donald Trump announced a trade deal with Indonesia that’s to include US$4.5 billion in agricultural products.
SovEcon raised its projection on 2025/26 Russian wheat production by 600,000 tonnes at 83.60 million.
France estimated 2025/26 soft wheat ending stocks at 3.87 million tonnes, increasing from last year’s 2.33 million.
