By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were stronger on Thursday, in gleaning support from comparable oils.
Strong gains in Chicago soyoil plus more modest upticks in soybeans and soymeal pushed canola higher. Added support came from increases in European rapeseed and Malaysian palm oil. Crude oil further underpinned the vegetable oils.
A trader said that led the commodity funds to move away from liquidating. He also said today’s sharp upswing was a move to attract farmer selling.
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The direction the Prairie weather will take remains a factor. A worsening of dry conditions will likely spur an increase in canola prices, while timely rains will help to keep values down.
The Canadian dollar dropped on Thursday afternoon with the loonie sliding 72.72 compared to Wednesday’s close of 72.93.
There were 45,452 contracts traded on Thursday, compared to 35,202 on Wednesday. Spreading accounted for 19,596 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Nov 699.90 up 23.90 Jan 708.70 up 23.80 Mar 714.70 up 23.00 May 719.00 up 22.10
SOYBEAN futures at the Chicago Board of Trade were higher on Thursday, continuing its rebound on spillover from strong gains in soyoil.
The United States Department of Agriculture issued its export sales report for the week ended July 10. Old crop soybeans came to 271,900 tonnes plus 529,600 tonnes of new crop and both were within trade guesses.
Export sales of U.S. soymeal tallied 356,500 tonnes of old crop and 174,000 of new crop, of which the former met trade guesses, and the latter was below expectations. Soyoil came in at 7,900 tonnes, meeting market predictions.
The International Grains Council released its July supply and demand report, holding global soybean production for 2025/26 at 428 million tonnes and nudging up soybean ending stocks to 83 million tonnes.
CORN futures were lower on Thursday following the announcement from U.S. President Donald Trump that Coca-Cola will switch to high fructose corn syrup in its soda pop to real sugar cane.
That drew the ire of U.S. Corn Refiners Association, which criticized the move, stating it will hurt farmers and lead to job losses.
U.S. corn export sales included 97,600 of old crop, a marketing year low and far short of trade guesses. There were also 565,900 tonnes of new crop sold, which were towards the low end of expectations.
The IGC kept world corn production for 2025/26 at 1.28 billion tonnes and cut ending stocks to 278 million tonnes.
WHEAT futures were lower on Thursday, with decent conditions weighing on values.
U.S. wheat export sales totaled 494,400 tonnes of current crop, and within trade projections.
The IGC held world wheat output at 808 million tonnes and bumped up the carryover to 265 million tonnes.
The Rosario Grain Exchange forecast Argentina’s 2025/26 wheat crop to come in at 20 million tonnes, putting it 700,000 tonnes below the previous year’s harvest.
