Only U.S. soybeans, soymeal rise with trade deal news
By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Canola futures on the Intercontinental Exchange closed higher on Thursday, finding good traction after a shaky start to the session.
Gains in Chicago soybeans and soymeal, underpinned by the United States/China trade agreement, lent support to canola, but there were sharp losses in soyoil. Increases in Malaysian palm oil and most MATIF rapeseed contracts further underpinned canola. Crude oil was relatively steady, providing almost no direction to the vegetable oils.
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Canadian Prime Minister Mark Carney is set to meet with Chinese President Xi Jinping on Friday during the APEC summit in South Korea. Hopes are for some positive movement in resolving the tariff issues between the two countries.
Thursday’s strong finish further entrenched the January canola contract above its 50-day moving average.
Statistics Canada reported the September canola crush was up eight pre cent from the same month a year ago to 1.01 million tonnes. StatCan also released its grain deliveries report which placed those for canola at 1.92 million tonnes last month, down a little from last September.
In Saskatchewan’s final crop report of 2025, the agriculture department said the canola harvest averaged 42.4 bushels per acre, higher than the 10-year average of 34.3.
After a series of gains, the Canadian dollar reversed course on Thursday afternoon with the loonie falling to 71.51 U.S. cents compared to Wednesday’s close of 71.86.
There were 51,504 contracts traded on Thursday, compared to 59,390 on Wednesday. Spreading accounted for 30,268 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Nov 634.50 up 7.50
Jan 648.50 up 7.20
Mar 659.80 up 7.60
May 669.70 up 7.60
SOYBEAN futures at the Chicago Board of Trade were stronger on Thursday, after an agreement was reached on a trade deal between the United States and China. While that also saw gains in soymeal, there were losses in soyoil.
U.S. Treasury Secretary Scott Bessent said China is to buy 12 million tonnes of U.S. soybeans over the balance of 2025, and then 25 million tonnes per year over the next three years. However, there has yet to be a signed deal and very few details have been made public so far.
Ukraine’s 2025/26 oilseed crops are to shrink from last year due to unfavourable weather. Sunflower seeds are to drop 12.5 per cent at 10.50 million tonnes, with soybeans falling 21 per cent at 5.20 million tonnes and rapeseed down eight per cent at 3.30 million tonnes.
CORN futures were lower on Thursday, following wheat to the downside, while crude oil offered virtually no direction.
There are growing concerns in Brazil about increasingly dry conditions for the planting of the country’s second corn crop and its soybean crop.
WHEAT futures were weaker on Thursday, due to a lack of fresh news.
Aside from lifting tariffs on wheat, the commodity is not part of the U.S./China trade deal.
South Korea issued a tender for 40,300 tonnes of milling wheat.
