Glacier FarmMedia — ICE canola futures were stronger on Tuesday, as optimism over trade relations with China provided support.
While there was no actual movement on reopening the Chinese market to Canadian canola, the country’s ambassador to Canada told reporters over the Thanksgiving weekend that if Canada removed its tariffs on Chinese electric vehicles, China would remove its own levies on Canadian products.
Several provincial leaders were also pressuring the federal government to back off the EV tariffs.
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The bulk of the canola harvest has wrapped up across the Prairies, with only a few late-seeded fields still standing.
Losses in the Chicago soy complex tempered the upside in canola. European rapeseed and Malaysian palm oil were also lower.
There were 105,208 contracts traded on Tuesday, which compares with Friday when 75,068 contracts changed hands. Canadian markets were closed Monday for Thanksgiving. Spreading accounted for 81,530 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were weaker on Tuesday, as seasonal harvest pressure, soft weekly exports and the ongoing tariff dispute with China weighed on prices.
Weekly U.S. soybean export shipments of 994,008 tonnes as of Oct. 9 were up on the week and in line with trade estimates, but still about a million tonnes short of what moved the same week a year ago. The ongoing U.S. government shutdown has limited official data releases, with the USDA Agricultural Marketing Service’s weekly customs report one of the few still being published.
China began collecting special port fees from U.S. owned, operated, built or flagged vessels on Tuesday. The move comes as a countermeasure to U.S. fees on Chinese-linked ships also starting Tuesday. U.S. President Donald Trump has threatened to raise tariffs on Chinese imports to 100 per cent on Nov. 1.
CORN was mostly higher, finding support in the most-active front months after earlier losses.
Weekly U.S. corn export inspections of 1.13 million tonnes fell short of trade expectations and compare with the 1.59 million tonnes moved the previous week.
Favourable Midwestern weather allowed farmers to make good harvest progress.
WHEAT futures were due for a correction after hitting fresh five-year lows on Monday.
Weekly U.S. wheat export inspections were down 19 per cent from the previous week at around 444,000 tonnes. However, crop-year-to-date shipments were running 18 per cent above the year-ago pace at 10.66 million tonnes.
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