North American Grain and Oilseed Review: Canola higher after last about face
U.S. soybeans, wheat higher as corn slips
By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – There was a significant turnaround for Intercontinental Exchange canola futures on Thursday, with the Canadian oilseed finishing higher.
After trading was choppy this morning, canola pushed lower but pulled a U-turn to the upside.
A trader said there’s a tug-of-war going on in canola with support coming from dry conditions across the Prairies versus waning demand. He said recent price rationing has worked, leading to the declines seen this week.
Canola fended off pressure from losses in Chicago soyoil and European rapeseed. Small gains in Chicago soybeans and soymeal plus Malaysian palm oil lent support. Declines in crude oil weighed on the vegetable oils.
With the turnaround, the old crop July contract remained above its 20-day moving average and well ahead its other averages.
Saskatchewan reported overall spring planting reached 88 per cent complete for the week ended May 26, with canola seeding at 83 per cent finished.
The Canadian dollar was higher by Thursday afternoon with the loonie rising to 72.48 U.S. cents compared to Wednesday’s close of 72.33.
There were 41,848 contracts traded on Thursday, compared to 45,096 on Wednesday. Spreading accounted for 22,308 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Jul 719.80 up 3.90 Nov 691.80 up 5.50 Jan 697.70 up 5.40 Mar 703.00 up 5.50
SOYBEAN futures at the Chicago Board of Trade were higher on Thursday, following a court ruling on United States tariffs.
A three-judge panel of the U.S. Court of International Trade ruled President Donald Trump does not have the authority to impose the bulk of his tariffs. The ruling pertains to 25 per cent levies imposed on Canada and Mexico along with those for 30 per cent on China, plus the 10 per cent blanket tariff on other countries. The judges said the Trump administration has 10 days to end the duties, however the White House quickly filed an appeal.
Due to Monday’s holiday, the U.S. Department of Agriculture will release its export sales report on Friday. The trade pegged export sales for old crop soybeans at 150,000 to 500,000 tonnes and zero to 250,000 for new crop.
Those for soymeal are 150,000 to 450,000 tonnes with soyoil at 5,000 to 32,000 tonnes.
CORN futures stepped back on Thursday, despite two private sales.
The USDA announced a sale for 104,000 tonnes of old crop corn to Mexico and 101,096 tonnes of old crop to unknown destinations.
Export sales projections include 750,000 to 1.40 million tonnes of old crop and 25,000 to 400,000 tonnes of new crop.
Conab raised its estimate on Brazil’s 2024/25 total corn harvest by two million tonnes on Wednesday, bringing it to 129 million. Conab cited record yields for the safrinha corn crop in seven states that accounted for nearly 96 per cent of the increase. Brazil’s first corn harvest is expected to reach 24.7 million tonnes, the safrinha is projected to be 99.8 million and the balance in the third harvest.
WHEAT futures closed higher on Thursday as spring wheat conditions are well below those expected by the trade.
The range for old wheat export sales is from net reductions of 200,000 tonnes to net sales of 100,000. New crop sales are pegged at 300,000 to 800,000 tonnes.
SovEcon increased its call on Russian wheat exports for 2025/26 by 1.10 million tonnes, bringing their estimate to 40.80 million.
ASAP Agri projected Ukraine’s 2025/26 wheat export sales at 15 million tonnes compared to 16.20 million in 2024/25.
