Glacier FarmMedia — Canola futures on the Intercontinental Exchange were higher coming out of the weekend, supported by rising soybean futures in the United States.
On Sunday, U.S. President Donald Trump urged China on social media to quadruple its purchases of U.S. soybeans. This caused prices to rise significantly with the gains spilling over into canola.
Varied amounts of rain fell on the Prairies last weekend with more to come on Monday. Clear skies are in the forecast for later this week.
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ICE Midday: Canola supported by stronger soy complex
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were on the rise in the middle of Monday trading as stronger…
At mid-afternoon, the Canadian dollar was down more than one-tenth of a U.S. cent compared to Friday’s close.
There were 39,732 canola contracts traded on Monday, which compares with Friday when 32,074 contracts changed hands. Spreading accounted for 19,424 of the contracts traded.
SOYBEAN futures on the Chicago Board of Trade surged more than 22 U.S. cents per bushel on Monday, hours after United States President Donald Trump urged on social media for China to quadruple its purchases of U.S. soybeans.
Ahead of Tuesday’s report, average trade estimates place 2025-26 U.S. corn yields at 184.3 bu./ac. Production would be up 39 million bushels from the July report at 4.374 billion. Old crop carryout would be down five million bushels at 345 million, while new crop stocks would be 41 million higher at 351 million bushels.
The USDA reported soybean export shipments for the week ended Aug. 7 at 518,066 tonnes, down 17.5 per cent from the previous week but up 47.6 per cent from the same week last year. Marketing year exports have totaled 48.37 million tonnes, 11.2 per cent above one year earlier.
The Malaysian Palm Oil Board said July palm oil stocks were 2.11 million tonnes, the highest in two years but just shy of Reuters’ estimate of 2.25 million. July palm oil production was 1.81 million tonnes, the highest in 10 months.
The September CORN contract made its second gain over the past three sessions, coming off its contract low set on Aug. 6.
Analysts estimated the yield for the 2025-26 U.S. corn crop to be 184.3 bu./ac. on average. Production was estimated at 15.995 billion bushels, which would be up by 290 million from the July USDA report. Old crop corn stocks are forecast to be down 15 million bushels at 1.325 billion, while new crop stocks would be up 240 million bushels at 1.9 billion.
The USDA reported 1.492 million tonnes of U.S. corn were shipped for export last week, up 16.13 per cent from the previous week and 51.24 per cent above the same week last year. Marketing year shipments are at 63.127 million tonnes, 29 per cent above the same period last year.
APK-Inform estimated the 2025 Ukrainian corn crop at 27.5 million tonnes, up 2.5 million from the previous month’s estimate.
AgRural estimated Brazil’s safrinha corn crop to be 88 per cent harvested.
September WHEAT contracts all made gains, but no more than one U.S. cent per bushel.
U.S. wheat production for 2025-26 was estimated by the trade at 1.922 billion bushels, down seven million from the July USDA report. New crop stocks would be down eight million bushels at 882 million.
In total, 365,486 tonnes of U.S. wheat were exported last week, down 47 per cent from the previous week and down 45.37 per cent from the same week last year. Marketing year shipments are 4.367 million tonnes since June 1, 2.37 per cent more than one year ago.
APK-Inform trimmed its estimate for Ukraine’s wheat crop by 900,000 tonnes at 19.7 million.
France’s ag ministry raised its soft wheat production estimate by 500,000 tonnes at 33.1 million, while the barley production estimate was up 200,000 tonnes at 12 million.
Bulgaria’s ag ministry said its wheat crop is 99 per cent harvested at 7.131 million tonnes, up 10.7 per cent from last year.
