Glacier FarmMedia | MarketsFarm — Canola futures on the Intercontinental Exchange started the week lower. Despite easing away from heavier losses earlier in the day, they were still pressured by weaker comparable oils and recent rains on the Prairies.
Although Chicago soyoil was stronger, European rapeseed and Malaysian palm oil were down. Crude oil declined as little impact was seen by European Union sanctions on Russian oil.
Rainfall on the Prairies last weekend and more today brought much-needed moisture to the canola crop. The 20-day average for November canola was close to converging with the 50-day average, which could signal more declines. However, an analyst observed canola fields south of the Trans-Canada Highway in Saskatchewan and Alberta to be in poor condition.
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Another analyst said Chicago soyoil, which rallied over the past week, may have “run out of gas”.
At mid-afternoon, the Canadian dollar gained more than one-tenth of a United States cent compared to Friday’s close.
There were 48,970 canola contracts traded on Monday, which compares with Friday when 45,058 contracts changed hands. Spreading accounted for 23,292 of the contracts traded.
SOYBEANS’ three-day rally came to an end on Monday with the August and September contracts falling by double-digits. Rains in the United States Corn Belt pressured prices.
The eastern Corn Belt will see nearly 25 millimetres of rain later this week, while the Dakotas, Minnesota, Wisconsin and northern Iowa could see up to 100 mm early this week. However, a heat dome will bring temperatures exceeding 30 degrees Celsius in parts of South Dakota, Kansas and Missouri in the coming days.
The U.S. Department of Agriculture reported soybean export inspections for the week ended July 17 at 364,990 tonnes, more than twice as much as last week’s total and slightly higher than the same week last year. The cumulative total for the 2024-25 marketing year is 46.783 million tonnes, just ahead of last year.
Chinese soybean imports from Brazil in June were up 9.2 per cent from last year at 10.62 million tonnes, while imports form the U.S. were 1.58 million tonnes, up 21 per cent, according to Chinese census data. China imported 12.26 million tonnes of total soybeans in June, the highest ever for the month. In the first half of 2025, Chinese soybean imports from Brazil were down 7.5 per cent from the previous year at 31.86 million tonnes. Those from the U.S. were up 33 per cent at 16.15 million.
The U.S. Commodity Futures Trading Commission reported a record short position by the funds for Chicago soyoil at 133,016 contracts.
CORN futures continued their choppy trade by moving lower on Monday. The September contract narrowly avoided a low price below US$4 per bushel for the first time in five sessions.
There were 983,625 tonnes of U.S. corn inspected last week, down from 991,257 at the same week last year and below the 1.314 million tonnes shipped the previous week. U.S. corn exports this marketing year are at 58.718 million tonnes, up 28.9 per cent from last year.
The USDA will release its weekly crop progress report later today, with the trade watching for improvements to the corn crop.
WHEAT futures saw modest losses on Monday with Minneapolis spring wheat coming down the most.
The USDA reported 732,290 tonnes of wheat were inspected for export last week, well above the 444,631 shipped the previous week and the 290,636 shipped one year ago. Since June 1, 3.021 million tonnes of U.S. wheat were exported, up 13.7 per cent from last year.
The Wheat Quality Council Tour will examine spring wheat fields in North Dakota this week and provide updates on this year’s prospects.
Bangladesh has signed a memorandum of understanding with the U.S. which will see the former purchase 700,000 tonnes of U.S. wheat each year for the next five years. Total exports from the U.S. to Bangladesh were nearly 650,000 tonnes over the past five years. The U.S. is set to place a 35 per cent tariff on Bangladeshi goods starting Aug. 1.
