Losses across the board in Chicago ahead of U.S. farm aid package
By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures found traction on Monday, closing higher after a day of choppy trading.
An analyst said harvest pressure on canola has begun to recede. The combining of the oilseed across the Prairies is about three-quarters complete.
There was support from upticks in Chicago soyoil, MATIF rapeseed and most Malaysian palm oil contracts. Declines in Chicago soybeans and soymeal tempered the upside. Increases in crude oil underpinned the vegetable oils.
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Although domestic use of canola is up nearly one million tonnes in 2025/26, its exports have dropped by more than that amount.
The November canola contract remained well below its major moving averages. Canola crush margins were up a few dollars.
The Canadian dollar was unchanged on Monday afternoon with the loonie at 71.67 U.S. cents.
There were 39,060 contracts traded on Monday, compared to 57,857 on Friday. Spreading accounted for 24,018 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Nov 607.50 up 2.50
Jan 620.40 up 2.30
Mar 632.00 up 2.10
May 642.50 up 1.90
SOYBEAN futures at the Chicago Board of Trade were a pinch lower on Monday, prior to the Trump administration rolling its farm aid package on Tuesday.
Despite the United States government shutdown, the Department of Agriculture issued its export inspections report for the week ended Oct. 2. Soybean inspections of 768,117 tonnes were up from last week’s 610,633. Year-to-date inspections came to 3.03 million tonnes compared to 3.56 million a year ago.
The five-year average for the U.S. soybean harvest is 38 per cent complete, versus 19 per cent last week. With above normal temperatures, good harvest progress is expected to be made this week. However, up to two inches of rain is forecast for the Eastern Corn Belt as well as parts of Nebraska and Iowa.
AgRural pegged soybean planting in Brazil at nine per cent done, up three points on the week.
China’s markets remain closed for a holiday that ends Wednesday.
The Ukrainian government introduced new documentation for the country’s oilseed exports, including rapeseed. Confusion over the original documentation is said to have caused a drop in its oilseed exports.
CORN futures turned around to close higher on Monday, as U.S. corn exports remain strong.
Those corn export inspections were nearly 1.60 million tonnes versus 1.54 million last week. Cumulative inspections hit 6.71 million tonnes compared to almost 4.30 million a year ago.
The five-year average the U.S. corn harvest at 28 per cent finished, compared to 18 per cent last week.
AgRural placed Brazil’s first corn crop at 40 per cent planted.
Ukraine reported its corn harvest dropped to 2.06 million tonnes so far versus 7.70 million this time last year.
WHEAT futures were lower on Monday as the planting of winter wheat continued.
Export inspections of U.S. wheat dropped to 505,096 tonnes from 873,578 the previous week. Cumulative inspections hit 10.18 million tonnes, ahead of 8.65 million this time last year.
The Russian government blamed low export prices for the drop in the country’s wheat exports. However, Reuters reported many farmers pointed to the government’s wheat export duty and less profitability for the decline.
The Buenos Aires Grain Exchange raised its rating on Argentina’s wheat crop by four points to 93 per cent good to excellent, and projected production at 22 million tonnes.
Saudi Arabia bought 455,000 tonnes of wheat and Taiwan tendered for 80,550 tonnes of U.S. milling wheat.
