Glacier FarmMedia — Canola futures on the Intercontinental Exchange could not hang onto gains from this morning and ended the session lower on Monday.
An analyst said the early increases were due to tight old crop carryout. However, dry conditions for the Prairies will allow for harvest progress, while the widening November/January spread was also a bearish signal.
Chicago soyoil and Malaysian palm oil were down, while European rapeseed was up. Crude oil prices were up more than US$1 per barrel after Ukraine attacked Russian energy infrastructure overnight.
Read Also
ICE Midday: Canola, crude oil move higher
Glacier FarmMedia — Canola futures on the Intercontinental Exchange were higher on Monday, deriving strength from crude oil, while the…
Saskatchewan and Alberta will see warmer-than-normal temperatures and heat warnings over the next few days.
At mid-afternoon, the Canadian dollar lost less than one-tenth of a U.S. cent compared to Friday’s close.
There were 38,295 canola contracts traded on Monday, which compares with Friday when 58,580 contracts changed hands. Spreading accounted for 22,586 of the contracts traded.
The November SOYBEAN contract on the Chicago Board of Trade ended the session with a loss for the first time in nearly a week on Monday. Earlier in the day, the contract nearly reached the two-month high it set on Friday.
The Pro Farmer crop tour released its final estimates on Friday, projecting a bumper United States soybean crop of 4.246 billion bushels and an average yield of 53 bushels per acre. However, dry conditions and disease in some parts of the U.S. Midwest could limit yields. The U.S. Department of Agriculture estimated 4.292 billion bu. and an average yield of 53.6 bu./ac.
The six-to-10-day weather outlook shows dry conditions but cooler temperatures in the Midwest. Also, precipitation in the eastern Corn Belt is possible next week.
The USDA reported that 382,706 tonnes of soybeans were shipped for export during the week ended Aug. 21, down 8.8 per cent from the previous week and down 23.9 per cent from last year. Marketing year shipments so far are at 49.28 million tonnes, 11.5 per cent above last year’s total.
November CORN gained less than a U.S. cent per bushel at the end of trading, but hit a month-long high earlier in the session.
Pro Farmer projected the U.S. crop to total 16.204 billion bushels with the average yield at 182.7 bu./ac. The USDA’s August report estimated 16.742 billion bu. and 188.8 bu./ac.
Export inspections of U.S. corn were 1.305 million tonnes, up 24.12 per cent from the week before and improved 38.84 per cent from one year ago. Marketing year shipments totaled 65.526 million tonnes, 28.23 per cent more than last year.
AgRural estimated 98 per cent of Brazil’s safrinha corn crop was harvested as of Thursday with the 2025-26 first corn crop at 3.2 per cent planted.
Kansas City WHEAT showed little price movement on Monday, but Chicago soft and Minneapolis spring made modest gains.
The USDA reported wheat inspections reached a multi-year high of 946,240 tonnes, more than double from the previous week and up 71.35 per cent from the same week last year. Marketing year exports totaled 5.763 million tonnes, up 11 per cent from the year before.
The trade expects the U.S. spring wheat harvest to have surpassed the 50 per cent mark as of Aug. 24. The USDA releases its crop progress report later this afternoon.
