By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures closed with modest gains on Friday, after starting the session with sharp declines.
The main reason for the turnaround was Chicago soyoil, which had its own about-face on Friday. The United States Environmental Protection Agency made its long-awaited decision on biofuel exemptions for small oil refineries.
The decision saw soyoil finish stronger along with gains in soybeans but soymeal eased back. Malaysian palm oil was higher, and European rapeseed was mostly lower. Crude oil was not finding traction either way and offered little direction to the vegetable oils.
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Statistics Canada is scheduled to publish its crop production report on Aug. 28, coming on the heels of this month’s supply and demand estimates from Agriculture and Agri-Food Canada. The latter raised its estimate on the 2025/26 canola harvest to 20.1 million tonnes from last month’s 17.8 million.
The November canola contract held above its 200-day moving average and pulled within C$6 of its 20-day average.
The Canadian dollar was on the rise Friday afternoon with the loonie climbing to 72.34 U.S. cents compared to Thursday’s close of 71.96.
There were 58,580 contracts traded on Friday, compared to 39,062 on Thursday. Spreading accounted for 26,768 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Nov 666.50 up 3.20 Jan 677.50 up 3.10 Mar 687.00 up 2.80 May 695.30 up 2.10
SOYBEAN futures at the Chicago Board of Trade were higher on Friday, underpinned by spillover from strong gains in soyoil after it began the day significantly lower.
The EPA announced 63 small oil refineries will be granted exemptions from the Renewable Fuel Standard, 77 more received a partial exemption, 28 were denied and seven were ineligible.
Day four of the Pro Farmer crop tour traveled through Minnesota with the other leg continuing in Iowa. Soybean pod counts in Minnesota jumped 20.4 per cent from last year at 1,247.96 per square yard. In Iowa, yields improved 5.5 pr cent at 1,394.38.
The tour issued its final results on Friday, with the soybean pod count translating to a nationwide yield of 53 bushels per acre. Production was projected to be 4.25 billion bushels.
The U.S. weather outlook called for drier conditions in the Central and Southern Plains, along with the northwest area of Midwest. The Delta and central and eastern Midwest are to turn drier further out.
The Ukrainian harvest brought in 3.16 million tonnes of rapeseed on yields of 2.47 tonnes per hectare.
CORN futures were a pinch lower on Friday, with the spillover from soy not enough to counter good conditions and a large crop.
The tour’s corn yields in Minnesota rose 23 per cent at 202.86 bushels per acre and those in Iowa were up 2.9 per cent at 198.43.
The final tour results came to an average yield of 182.7 bu./ac. and production at 16.20 billion bushels.
The USDA announced two private sales of 2025/26 corn, with one for 119,769 tonnes to Costa Rica and the other for 140,452 tonnes to Spain.
France’s corn rating slipped three points at 62 per cent good to excellent, compared to 76 per cent a year ago. The harvest is expected to be 13.90 million tonnes, down 5.9 per cent from last year.
WHEAT futures were steady to lower on Friday, with Minneapolis unchanged while Kansas City and Chicago stepped back.
Expectations ahead of the USDA crop progress report on Monday look to strong harvest progress in spring wheat.
France added 500,000 tonnes to its call on its soft wheat production, now at 33.10 million.
Ukrainian wheat harvest has come to 21.01 million tonnes with 98 per cent combined. Yields were placed at 4.31 t/ha.
