A positive turn in Chicago
By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures hung on to their gains Thursday, from short covering and gleaning support gains in most comparable oils.
There were increases in Chicago soybeans and soyoil while soymeal stepped back. Malaysian palm oil was higher, but MATIF rapeseed edged downward. Crude oil erased earlier losses and was trying to stay positive, with spillover going into the vegetable oils.
Statistics Canada reported the August canola crush came to 867,944 tonnes, slightly higher than a year ago. StatCan also reported producer deliveries of canola in August were 621,555 tonnes versus 1.32 million tonnes the previous August.
Read Also
Canadian Financial Close: Loonie weakens, U.S. dollar stronger
Glacier FarmMedia – The Canadian dollar dropped to its lowest close since May on Thursday. The loonie closed at…
Despite canola’s gains, the November contract still lagged behind its 20-day moving average, which limited the upside.
Also putting pressure on canola is favourable harvest weather across the Prairies going into the weekend.
Saskatchewan reported its overall harvest reached 68 per cent complete as of Sept. 22, with the province’s canola 42 per cent finished.
The Canadian dollar was lower on Thursday afternoon with the loonie at 71.73 U.S. cents, compared to Wednesday’s close of 71.98.
There were 42,073 contracts traded on Thursday, compared to 35,666 on Wednesday. Spreading accounted for 23,896 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Nov 619.60 up 1.50
Jan 632.70 up 1.40
Mar 643.60 up 0.90
SOYBEAN futures at the Chicago Board of Trade were higher on Thursday, following a spate of choppy trading.
The United States Department of Agriculture issued its export sales report for the week ended Sept. 18, with 2024/25 soybean sales of 724,500 tonnes and towards the low end of market expectations. China continued to be largely absent from the report, especially with soy.
Export sales of 2024/25 soymeal came to 79,600 tonnes plus 146,600 of 2025/26 soymeal, a pinch below trade guesses. Old crop soyoil incurred net reductions of 23,300 tonnes, new crop sales of 53,200 tonnes exceeded projections.
Argentina ended its temporary tax holiday on export sales of agricultural products after they hit US$7 billion. Although the Argentine government said the tax-free period was scheduled to Oct. 31, the provisions also included the US$7 billion target.
It’s believed within the trade that China bought up to 35 cargoes of soybeans from Argentina since Monday.
Also, China demanded the Trump administration end its “unreasonable tariffs.”
President Donald Trump suggested there could be an aid package for U.S. soybean growers, using tariff revenues.
CORN futures nudged up on Thursday, taking support from crude oil plus the soy and wheat complexes.
U.S. weekly corn export sales of 1.92 million tonnes pushed slightly above trade predictions.
Safras & Mercado placed Argentine September corn exports at 1.20 million tonnes, with nearly 845,000 tonnes more to be loaded by the end of the month.
South Korea issued a tender for 140,000 tonnes of corn.
WHEAT futures were higher on Thursday, in a correction.
U.S. wheat export sales tallied 539,800 tonnes and near the high end of trade guesses.
IKAR raised its estimate of Russia’s wheat crop by 500,000 tonnes at 87.50 million. The consultancy upped it call on Russian wheat exports by 100,000 tonnes at 44.10 million.
India said its 2024/25 wheat harvest is to be a record 117.50 million tonnes, and consideration will now be given to easing the ban on wheat exports.
