Trump/Xi meeting continues to push up U.S. prices
By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Canola futures on the Intercontinental Exchange maintained their increases on Tuesday, avoiding yesterday’s late session fade.
A trader said canola was again benefitting from the hype surrounding Thursday’s meeting between United States President Donald Trump and Chinese President Xi Jinping at the APEC summit in South Korea. That chatter pushed up soybeans and soymeal, with spillover finding its way into canola.
MATIF rapeseed was mixed, while Chicago soyoil and Malaysian palm oil were lower. Crude oil also stepped back, putting pressure on the vegetable oils.
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There’s also trade talk of Xi meeting with Canadian Prime Minister Mark Carney at the summit. It’s hoped that will push Canada-China trade talks along, including the possibility of Canada ending its tariff on Chinese-made electric vehicles.
The January canola contract remained ahead of its 20-day moving average and 90 cents short of its 50-day average, as the contract remained well behind its other technical levels.
Sluggish canola imports and the strong likelihood of large harvest of the Canadian oilseed continued to lurk in the background.
The Canadian dollar was stronger Tuesday afternoon at 71.71 U.S. cents compared to Monday’s close of 71.45.
There were 44,136 contracts traded on Tuesday, compared to 51,826 on Monday. Spreading accounted for 29,462 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Nov 624.70 up 5.50
Jan 638.80 up 4.80
Mar 650.50 up 4.60
May 661.10 up 4.90
SOYBEAN futures at the Chicago Board of Trade were higher on Tuesday as well as soymeal, but soyoil dropped back.
Talk regarding the Oct. 30 meeting between United States President Donald Trump and Chinese President Xi Jinping at the APEC conference continued to support soybeans. Trump said the framework for a trade deal has been agreed to, saying China will start buying U.S. soybeans.
With the ongoing U.S. government shutdown, the Department of Agriculture has not issued its weekly crop progress report. The trade pegged the country’s soybean harvest at 84 per cent complete as of Oct. 26.
Michael Cordonnier of Soybean and Corn Advisor kept his call on U.S. soybean yields at 52 bushels per acre and the harvest at 4.17 billion bushels.
ANEC projected Brazil’s October soybean exports at seven million tonnes, up 340,000 from the consultancy’s estimate last week.
CORN futures were higher on Tuesday, underpinned by spillover from soy.
The trade placed the U.S. corn harvest at 72 per cent finished.
Cordonnier maintained his stance on U.S. corn production with a yield of 181 bu./ac. for 16.29 billion bushels.
ANEC cut 380,000 tonnes from its call on Brazil’s October corn exports at 6.19 million.
South Korea purchased 204,000 tonnes of corn but didn’t cite the origin.
WHEAT futures were higher on Tuesday, in sympathy with soy and corn.
The trade estimated the U.S. winter wheat crop was at 84 per cent planted.
Ukraine reported its winter wheat reached 81 per cent seeded.
The European Union said its cumulative soft wheat exports for 2025/26 reached 6.25 million tonnes, down from 7.92 million the same time last year.
