North American Grain and Oilseed Review: Canola ends week on high note
More gains for U.S. soybeans, corn, wheat
By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures found some love on Valentine’s Day from most comparable oils.
The Canadian oilseed received support from Chicago soybeans and soymeal, as well as Malaysian palm oil and European rapeseed, but Chicago soyoil was lower. Meanwhile, losses in crude oil weighed on the vegetable oils.
The Canadian Grain Commission reported year-to-date canola exports and domestic remain strong. As of Feb. 9, canola exports reached 5.67 million tonnes and domestic use rose to 6.19 million tonnes.
There continued to be some uncertainty over tariff threats from the United States.
The Canadian dollar strengthened Friday afternoon, climbing to 70.59 U.S. cents compared to Thursday’s close of 70.21.
There were 66,145 contracts traded on Friday, compared to 63,136 on Thursday. Spreading accounted for 47,998 contracts traded.
The markets in Canada will be closed on Monday for various provincial holidays.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Mar 663.50 up 4.90 May 674.50 up 6.90 Jul 679.40 up 7.20 Nov 653.70 up 6.50
SOYBEAN futures at the Chicago Board of Trade were higher on Friday along with soymeal, but soyoil eased back.
The United States markets will be closed on Monday for President’s Day, with trading set resume that evening.
The U.S. Senate confirmed Brooke Rollins as the next Secretary of Agriculture. Rollins had been the CEO of the American First Policy Institute, reportedly known for a bias against biofuels.
U.S. President Donald Trump ordered his administration to draw up plans to impose reciprocal tariffs should other countries move to levy their U.S. imports.
The National Oilseed Processors Association in the U.S. is set to release its next monthly report on Tuesday. The average trade guess for the January soybean crush is 204.54 million bushels.
The U.S. Department of Agriculture attaché in New Delhi estimated India’s 2024/25 rapeseed crop at 11.70 million tonnes on slightly increased yields and rapeseed oil output is pegged at four million tonnes.
CORN futures were higher on Friday, with spillover from soybeans and wheat, but gains were tempered by losses in crude oil.
The USDA announced a flash sale for 100,000 tonnes of old crop corn to Colombia.
A group of bipartisan U.S. Senators brought back a bill that would allow for year-round E-15 sales across the country.
Northern and central Argentina as well as southern Brazil are to get rain, while parts of central and western Brazil are to be drier.
WHEAT futures were stronger on Friday due in part to the weather outlook for the U.S. Plains and Midwest.
Although snow is forecast for those regions, a cold snap is to follow it.
France reported its soft wheat crop was 73 per cent good to excellent as of Feb. 10, up five points from a year ago. The country’s durum rated 84 per cent good to excellent compared to 75 per cent this time last year.
