Intercontinental Exchange canola futures closed higher on Tuesday, following comparable oils to upside.
A trader said the slow pace to the Canadian Prairie canola harvest might have contributed to the increases. Alberta reported its canola harvest was 0.4 per cent complete.
The November canola contract improved in trying to catch up to its moving averages. The Nov was about C$19 per tonne behind its 200-day moving average.
Although Chicago soyoil was stronger, there were declines in soybeans and soymeal. Increases in European rapeseed and Malaysian palm oil spilled over into canola. Higher crude oil underpinned the vegetable oils.
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The United States Department of Agriculture attaché in Kyiv projected the 2025/26 Ukrainian rapeseed crop to be 3.2 million tonnes, down 500,000 from the previous year.
Australia forecast its canola harvest to reap 6.4 million tonnes, which would be the third largest on record.
The Canadian dollar was lower Tuesday afternoon with the loonie at 72.51 U.S. cents compared to Friday’s close of 72.77.
There were 58,408 contracts traded on Tuesday, compared to 58,059 on Friday. Spreading accounted for 32,474 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Nov 630.30 up 3.90 Jan 642.30 up 4.00 Mar 653.00 up 4.10 May 662.60 up 3.90
SOYBEAN futures at the Chicago Board of Trade pulled back on Tuesday, due to ongoing good crop conditions.
The United States Department of Agriculture reported export inspections of soybeans for the week ended Aug. 28 increased to 472,914 tonnes. Year-to-date shipments remained ahead of this time last year at 49.76 million tonnes versus 44.72 million.
The USDA will release its crop progress report today at 3 p.m.
Ahead of the USDA fats and oils report the average trade guess for the July soybean crush is 207.1 million bushels with stocks expected to be just short of 1.9 billion pounds.
CORN futures were higher on Tuesday, adding to gains made before the long weekend.
Export inspections of U.S. corn bumped up to almost 1.41 million tonnes, with the cumulative total at 66.97 million tonnes up 28.6 per cent from last year.
AgRural placed the planting of Brazil’s first corn crop at seven per cent complete.
WHEAT futures were lower on Tuesday on a lack of fresh supportive news.
As the U.S. came out of a wet long weekend, the weather outlook called for drier conditions for the Northern Plains with the Southern Plains to remain wet.
The USDA reported wheat export inspections of 802,780 tonnes, down from a week ago. Cumulative inspections reached 6.64 million tonnes, 14.5 per cent ahead of this time last year.
SovEcon estimated the 2025/26 Russian wheat crop at 85.7 million tonnes and exports of 43.7 million.
ABARES forecast the Australian wheat harvest at 33.8 million tonnes, down one per cent from 2024/25, but it would be the fourth largest on record.
