North American Grain and Oilseed Review: Gains for canola, strongest in old crop
Gains for U.S. soybeans, but corn, wheat down
By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures closed higher on Tuesday.
An analyst said Prairie basis levels for canola have improved recently as a means to get farmers to sell more of the oilseed. However, the analyst said canola is likely to trade sideways until there’s a clearer picture of seeding conditions across the region. Resistance for the July contract is believed to be at C$690 per tonne.
That contract also remained well above its moving averages, further underpinning values.
There are thoughts within the trade that Statistics Canada came up short in its estimate for the 2024/25 canola harvest, by one million to 1.5 million tonnes. That still might be enough to avoid price rationing due to sharply declining supplies.
Support for the Canadian oilseed came from upticks in Chicago soybeans and Malaysian palm oil. Losses in Chicago soyoil and soymeal, along with European rapeseed limited canola’s gains. Strong crude oil prices spilled over into the vegetable oils.
The Canadian dollar was virtually unchanged on Tuesday afternoon with the loonie at 72.38 U.S. cents.
There were 43,828 contracts traded on Tuesday, compared to 52,670 on Monday. Spreading accounted for 19,412 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola May 672.80 up 13.80 Jul 679.50 up 14.10 Nov 650.50 up 7.10 Jan 656.30 up 6.20
SOYBEAN futures at the Chicago Board of Trade were higher on Tuesday, but prices for soyoil and soymeal pulled back.
The United States Department of Agriculture issued its crop progress report as of April 20 and soybeans planted were at eight per cent complete, up six points on the week and three ahead of the five-year average.
The European Union tallied its year-to-date soybean imports at 11.22 million tonnes, up nine per cent from a year ago. Soymeal imports reached 15.14 million tonnes, for a jump of 26 per cent.
Trade talks between the U.S. and India could soon begin with Vice-President JD Vance visiting the Asian country to discuss trade matters.
CORN futures were lower on Tuesday due to planting progress.
The sowing of U.S. corn tripled to 12 per cent finished, two points up on the average pace. Corn emerged registered for the first time with two per cent of the crop poking out of the ground, on par with the average pace.
While southern portions of the U.S. Midwest are expected to remain wet for the coming 10 days, after that fields should be dry enough to resume seeding with good progress.
Rains this week over parts of Brazil and Argentina will slow their harvesting of corn and soybeans.
The EU reported its cumulative corn imports have come to 16.76 million tonnes, rising 12.5 per cent from a year ago.
WHEAT futures stepped back on Tuesday in sympathy with corn.
U.S. spring wheat planted progressed 10 points at 17 per cent down, five points head of pace. Spring wheat emerged was reported for the first time in 2025 at two per cent and on average.
The country’s winter wheat headed nearly doubled to 15 per cent, two points up on the average pace. The crop rated at 45 per cent good to excellent nationally, down two points on the week.
