By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were stronger on Thursday, gleaning ample spillover from sharp increases in Chicago soyoil and soybeans.
There was additional support from gains in European rapeseed and Malaysian palm oil. Upticks in crude further underpinned the vegetable oils.
The strong session came despite a 12.9 per cent increase Agriculture and Agri-Food Canada made to its canola production forecast for 2025/26. AAFC pegged the forthcoming canola harvest at 20.10 million tonnes, versus July’s call of 17.80 million.
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An analyst said AAFC might be going with what the market believes this year’s output should be at. Statistics Canada is scheduled to release its satellite and model-based production report on Aug. 28.
The Canadian dollar stepped back Thursday afternoon with the loonie at 71.96 U.S. cents compared to Wednesday’s close of 72.12.
There were 39,062 contracts traded on Thursday, compared to 39,993 on Wednesday. Spreading accounted for 20,162 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Nov 663.30 up 14.20 Jan 674.40 up 13.80 Mar 684.20 up 13.10 May 693.20 up 12.60
SOYBEAN futures at the Chicago Board of Trade were stronger on Thursday due to excellent new crop sales.
The United States Department of Agriculture issued its export sales report for the week ended Aug. 14. Old crop soybeans had a net reduction of 5,700 tonnes, but there were net sales of 1.14 million tonnes for 2025/26. Soymeal had old crop sales of 45,700 tonnes and those for new crop were 176,200 tonnes. Soyoil tallied sales of 2,600 tonnes.
Day three of the Pro Farmer crop tour made its way through Illinois and Iowa on Wednesday. Soybean pod counts in Illinois were a pinch higher than last year at 1,479.22 per square yard. The Iowa pod counts ranged from 1,279.25 to 1,562.54. The tour continued Thursday through Minnesota and more of Iowa.
The International Grains Council added 2.60 million tonnes to its call on 2025/26 soybean output at 446.80 million. The carryover tacked on 700,000 tonnes at 39.80 million.
CORN futures were higher on Thursday also due to new crop export sales.
U.S. corn incurred a net reduction of old crop sales at 27,100 tonnes, but new crop registered net sales of 2.86 million.
Crop tour corn yields for Illinois were pegged at 199.57 bushels per acre, down slightly from last year. However, those yields were stronger in Iowa at 197.89 to 207.25 bu./ac. depending on the district.
The IGC increased world corn production for 2025/26 by 27.40 million tonnes at 1.58 billion, with the carryover up 15.3 million tonnes at 293.70 million.
WHEAT futures were slightly higher on Thursday due to spillover from soybeans and corn.
Export sales of U.S. wheat were 519,800 tonnes for the current year and net reductions of 38,000 tonnes for 2026/27.
The IGC bumped its call for 2025/26 global wheat production by 1.30 million tonnes at 1.08 billion. Ending stocks edged down 400,000 tonnes at 264.30 million.
SovEcon raised its projection for the 2025/26 Russian wheat crop by 200,000 tonnes at 85.40 million due to improvements in the Urals and Siberia.
