Glacier FarmMedia | MarketsFarm – The ICE Futures canola market made a late push on Monday, with double-digit gains that were fuelled by a rally in equity markets.
This morning, there were reports United States President Donald Trump planned to pause tariffs for 90 days on every country except China. The White House said those reports were false and Trump later threatened additional tariffs to China.
An analyst said he doesn’t feel “any stability in the markets.” Meanwhile, another said the renewable diesel industry has “slammed the brakes,” awaiting guidance from the U.S. government.
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Canadian Financial Close: C$ firm Friday
Glacier FarmMedia — The Canadian dollar strengthened Friday, as dovish comments out of the United States Federal Reserve weighed on…
Chicago soyoil and Malaysian palm oil were down while European rapeseed was mixed. Crude oil was also in decline. West Texas International oil futures were holding near US$61 per barrel on Monday.
At mid-afternoon, the Canadian dollar was steady compared to Friday’s close.
There were 61,528 contracts traded on Monday, which compares with Friday when 69,590 contracts changed hands. Spreading accounted for 27,570 of the contracts traded.
The three United States WHEAT varieties saw prices move upward on Monday, but those for Kansas City hard red wheat were slightly above unchanged.
The U.S. Department of Agriculture reported 334,888 tonnes of wheat were shipped for export during the week ended April 3. Marketing year exports were at 17.69 million tonnes so far, up 15.1 per cent from one year ago.
Minor crop damage was reported in hard red winter wheat growing areas of the U.S. due to freezing temperatures, while flooding in the lower Ohio River basin damaged some soft red wheat growing areas. However, the next couple of weeks should see dry conditions in those same areas.
Algeria tendered for 50,000 tonnes of durum wheat of optional origin.
The May CORN contract rose for the second straight session on Monday, reaching its highest level since March 21.
The USDA reported 1.583 million tonnes of corn were exported last week. Marketing year shipments totalled 35.582 million tonnes so far, up 30 per cent from last year.
The eastern U.S. Corn Belt is expected to see wet conditions over the next five days. Northeastern Illinois and northern Indiana may see precipitation up to 25 millimetres.
Argentina and Brazil should see drier conditions next week.
The USDA attaché projected Brazilian corn production for 2025-26 at 130 million tonnes, up 3.2 per cent from the previous year.
AgRural reported the country’s first corn crop to be 88 per cent harvested as of April 3, 10 points ahead of one year earlier.
SOYBEAN contracts rose on Monday, with the July and August contracts trading above US$10 per bushel before ending the day lower.
The USDA reported 804,370 tonnes of soybeans exported last week, the third-largest weekly total at this time of year since 2002. Marketing year shipments totalled 41.555 million tonnes, up 10.6 per cent from last year.
Amidst retaliatory tariffs imposed by China, there are just under 600,000 tonnes of unshipped U.S. soybean sales to the country, as well as 2.02 million to unknown destinations with some possibly going to China.
AgRural estimated that 88 per cent of Brazil’s soybean crop was harvested so far, three points ahead of last year.
Argentine conglomerate Vicentin shut down activity at its soybean crushing plants on Saturday due to a lack of contracts. The company has been in bankruptcy proceedings since 2020, but vowed to reverse the shutdown once the judicial process was finished.
