Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was mostly higher as the May contract eased back.
One analyst said the rise in crude oil was lifting vegetable oil prices, and if the May canola contract gets to above C$620 per tonne, it could trigger a selloff. However, that depends on whether the U.S. will impose tariffs on Canadian imports starting Wednesday.
Malaysian palm oil was extremely strong and crude oil was up, while Chicago soyoil and European rapeseed were down.
At mid-afternoon, the Canadian dollar lost nearly four-tenths of a U.S. cent compared to Friday’s close.
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There were 52,897 contracts traded on Monday, which compares with Friday when 48,008 contracts changed hands. Spreading accounted for 31,006 of the contracts traded.
The United States Department of Agriculture released its Prospective Plantings report as well as its Grain Stocks as of March 1 report on Monday.
All major U.S. WHEAT varieties saw the futures climb with Minneapolis spring wheat having the largest gains in anticipation of declining acres this spring.
U.S. stocks for all wheat on March 1 were 1.24 billion bushels, near the higher end of trade expectations and up 14 per cent from a year earlier. Projected U.S. wheat acres were 45.4 million, down two per cent from last year, at the lower end of trade expectations and potentially the second-lowest total since 1919.
Export inspections of U.S. wheat amounted to 435,644 tonnes shipped week, down 10.2 per cent from the week before. The marketing year’s total so far is 17.29 million tonnes, up 16.4 per cent from one year ago.
Algeria is expected to import 9.2 million tonnes of wheat in 2025-26, same as the previous year.
The western, southern and eastern U.S. should see above-normal temperatures in mid- to late-April. Precipitation would be below normal in the South and above normal in the Northern Corn Belt.
Argus trimmed Russian wheat crop estimates for 2025-26, down 1.2 million tonnes from their prior estimate at 80.3 million.
May CORN saw consecutive gains for the first time since March 20.
The USDA reported corn stocks as of March 1 at 8.15 billion bushels, down 2.4 per cent from one year earlier but in line with trade estimates. The department also projected 95.3 million acres of corn planted this year, above the average trade guess of 94.4 million and up from 90.6 million last year.
A total of 1.644 million tonnes of U.S. corn were shipped for export during the week ended March 27. So far this marketing year, 33.96 million tonnes were shipped, up 31 per cent from one year ago.
Emater reported that first crop corn in the Brazilian province of Rio Grande do Sul was 69 per cent harvested with yields of 109 bushels per acre, up 21 per cent from 2023-24.
The Buenos Aires Grain Exchange said Argentine corn is 13.6 per cent harvested with an average yield of 131.4 bushels per acre, up 6.1 from last week.
The May SOYBEAN contract closed in the red for the first time in three sessions, despite surpassing the US$10.30 per bushel mark earlier in the day.
U.S. soybean stocks were at 1.91 billion bushels, up 3.5 per cent from last year and almost on par with the average trade guess. Projected soybean acres were 83.95 million, in line with trade estimates but down 3.56 million acres from 2024.
For the week ended March 27, 793,250 tonnes of U.S. soybeans were shipped for export, down 7.5 per cent from the week earlier. So far this marketing year, 40.73 million tonnes were shipped, up 9.8 per cent from one year ago.
AgRural estimated the Brazilian soybean harvest to be 82 per cent complete as of March 27, ahead of the 74 per cent pace one year earlier.
