Canola futures on the Intercontinental Exchange erased early gains before closing lower on Friday to go with negative sentiment in vegetable oils.
An analyst said the January canola contract will need to reach C$640 per tonne to gain “meaningful bullishness”. He also said the planted area for canola in 2026 will be “interesting” due to the current trade tensions and canola’s price structure.
Chicago soyoil, European rapeseed and Malaysian palm oil were down while crude oil was steady to lower.
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At mid-afternoon, the Canadian dollar declined less than one-tenth of a U.S. cent compared to Thursday’s close. U.S. President Donald Trump cancelled all trade talks with Canada on Thursday after the Ontario government aired a TV ad featuring a 1987 address by then-president Ronald Reagan speaking against tariffs.
There were 53,260 canola contracts traded on Friday, compared to Thursday when 55,776 contracts changed hands. Spreading accounted for 34,878 of the contracts traded.
December CORN encountered resistance at its monthly high at the Chicago Board of Trade on Friday.
On Thursday night, United States President Donald Trump said he was terminating all trade talks with Canada after the Ontario government released a TV ad featuring a 1987 address from then-president Ronald Reagan supporting free trade. Canada is a large buyer of U.S. corn and ethanol.
A team of scientists from Iowa State University identified southern rust in corn fields within all of the state’s 99 counties. The hardest hit areas in the northcentral part of the state saw yield losses up to 40 per cent.
Colombian President Gustavo Petro condemned the U.S.’s anti-drug efforts in his country, days after the U.S. announced it was cutting assistance to the South American nation. Colombia is the third-largest buyer of U.S. corn and were projected to import 7.2 million tonnes of corn this marketing year.
The Buenos Aires Grain Exchange reported today Argentina’s corn crop was 33.8 per cent planted, up 3.9 points from the week before.
The January SOYBEAN contract hit a new monthly high during Friday trading, but ended the day slightly lower.
The U.S. Department of Agriculture released its weekly drought map on Thursday. Many areas in the Midwest region received rains, reducing dryness by one point at 71 per cent, while severe drought in northern Indiana, northwestern Ohio and southwestern Missouri declined to 10 per cent. In the South region, dryness slightly increased at 80.5 per cent while areas experiencing drought expanded by five points to 37 per cent.
U.S. and Chinese officials, including U.S. Treasury Secretary Scott Bessent, started a three-day round of trade talks in Malaysia today, before Presidents Trump and Xi Jinping, meet in South Korea next week.
The European Commission proposed on Oct. 21 to extend the implementation of the European Union’s Deforestation Regulation. It would be put into effect on Dec. 30 for medium- and large-scale companies, but it would be applied to micro- and small-scale operations on Dec. 30, 2026 instead of June 30. Some sellers say the new legislation would push soybean prices higher, complicating the costs of feed purchases.
WHEAT prices showed little movement with Kansas City hard red wheat making gains and Chicago soft red and Minneapolis spring reporting losses.
Up to 100 millimetres of rain will fall on the Southern Plains and on recently-seeded winter wheat growing areas later this week, potentially pressuring prices.
Agronews.ua reported that Ukraine has planted 3.444 million hectares of winter wheat as of Oct. 21.
Russia’s ministry of agriculture said 90 million tonnes of wheat have been harvested in the country as of Oct. 23.
FranceAgriMer said the French wheat crop was 57 per cent planted as of Oct. 20, 30 points more than the week before.
Turkey’s wheat production estimate for 2025 was 17.9 million tonnes, down 1.7 million from their previous estimate.
