By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures failed to retain their gains on Friday, unable to withstand pressure from Chicago soy.
Canola turned higher earlier in today’s session following news of China extending its investigation into allegations of canola dumping by Canada and a Canadian trade delegation heading to China this weekend. More support came from below average temperatures on the Prairies, a slow canola harvest and the federal government providing C$370 million for canola producers.
However, there were sharp declines in Chicago soyoil and more moderate losses in soybeans while soymeal nudged up a little. Meanwhile, European rapeseed was steady to higher and Malaysian palm oil was closed for a holiday. Crude oil pulled back with the spillover pulling down the vegetable oils.
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By Glen Hallick Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange continued to rise on Friday morning,…
Canola exports continued to be sluggish at 47,900 tonnes for the week ended Aug. 31, the Canadian Grain Commission reported. That brought the year-to-date to 482,300 tonnes versus nearly 1.01 million tonnes a year ago.
Statistics Canada is scheduled to issue it grain stocks report on Sept. 9 and its production update on Sept. 17.
The Canadian dollar stepped back Friday afternoon with the loonie at 72.20 U.S. cents compared to Thursday’s close of 72.31.
There were 51,688 contracts traded on Friday, compared to 62,844 on Thursday. Spreading accounted for 28,390 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Nov 616.80 dn 3.40 Jan 628.20 dn 3.90 Mar 639.20 dn 4.20 May 648.90 dn 4.50
SOYBEAN futures at the Chicago Board of Trade were lower on Friday, due to pressure from losses in soyoil and crude oil.
The United States Department of Agriculture issued its export sales report for the week ended Aug. 28, with net reductions for 23,800 tonnes for old crop soybeans and net sales of new crop at 818,500 tonnes. Both came within trade guesses.
Those for soymeal had old crop net reductions of 4,300 tonnes, but net sales of 145,700 tonnes of new crop. Soyoil had net reductions of 100 tonnes of old crop and net sales of 1,800 tonnes for new crop. China wasn’t among the buyers for soybeans, soymeal or soyoil.
The USDA announced two private sales of 2025/26 soybeans with one 123,000 tonnes and the other for 204,650 tonnes, with both to unknown destinations.
The U.S.-Japan trade deal was finalized, with the latter to buy more U.S. agricultural products including soybeans and corn.
StoneX estimated the 2025/26 U.S. soybean crop at 53.20 bushels per acre and production at 4.26 billion bushels. Last month, the USDA pegged yields at 53.6 bu./ac. and production at 4.29 billion bushels. The USDA releases its next supply and demand report on Sept. 12.
CORN futures gave up slight increases to close a pinch lower on Friday, in sympathy with soybeans.
U.S. corn incurred net reductions of 280,900 for old crop, but net sales of 2.12 million tonnes for new crop. Both figures met market predictions. Again, no mention of Chinese purchases.
StoneX forecast the 2025/25 U.S. corn crop to yield 186.9 bu./ac. with output at 16.58 billion bushels. The USDA projected a yield of 188.8/bu./ac. and production at 16.74 billion bushels.
WHEAT futures were lower on Friday, as they continued to contend with a lack of fresh news.
Export sales of U.S. wheat tallied 313,000 tonnes of old crop, below trade guess of 350,000 to 700,000 tonnes. New crop sales were 5,500 tonnes.
