North American Grain/Oilseed Review: Canola down, soybeans sink

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was weaker as global markets continued to struggle under the new tariff scheme unveiled by United States President Donald Trump on Wednesday. That saw the May canola contract fall below its major moving averages.

There were sharp losses in the Chicago soy complex and Malaysian palm oil, with more moderate declines in European rapeseed. Meanwhile, crude oil lost up to $5 per barrel.

An analyst said China’s announced 34 per cent retaliatory tariffs on imports from the United States was wreaking havoc on the markets, primarily soybeans, which have dropped more than 30 U.S. cents per bushel.

The Canadian Grain Commission reported 233,000 tonnes of canola were shipped for export during the week ended March 30, more than twice than the 113,800 reported the week before. So far this marketing year, 6.866 million tonnes were shipped, compared to 4.031 million one year earlier.

The Canadian dollar was down seven-tenths of a U.S. cent compared to Thursday’s close.

There were 69,590 contracts traded on Friday, which compares with Thursday when 86,296 contracts changed hands. Spreading accounted for 43,002 of the contracts traded.

SOYBEANS had one of their worst days in recent months, after China announced 34 per cent retaliatory tariffs on United States imports. Most contracts fell below US$10 per bushel on the Chicago Board of Trade on Friday, to their lowest levels since last December.

China’s total tariffs on its imports of U.S. soybeans will be at 44 per cent. In 2024, nearly half of all U.S. soybeans were shipped to China, totalling US$12.8 billion in trade.

One research firm said the tariff policies unveiled by U.S. President Donald Trump on Wednesday could be “a net positive for Brazil”, as the country’s corn and soybean crops would become alternatives in place of U.S. imports.

CORN stayed positive despite China’s tariffs, making small gains for the first time in three sessions.

China’s total tariffs on its imports of U.S. corn will add up to 49 per cent.

The U.S. Department of Agriculture’s attaché in China estimated the country’s corn crop for 2025-26 to total 300 million tonnes, a 1.7 per cent increase. Chinese corn imports were also pegged at eight million tonnes.

The USDA’s attaché in Brazil also raised its estimate for 2025-26 corn production in that country to 130 million tonnes.

The Buenos Aires Grain Exchange reported Argentina’s corn harvest at 20.3 per cent complete, but early frost could affect its progress.

All three major U.S. WHEAT varieties showed losses on Friday with Kansas City hard red winter wheat falling the furthest.

The Canadian Grain Commission reported 564,600 tonnes of wheat were shipped for export last week, up from 445,300 tonnes the week before. So far this marketing year, 13.886 million tonnes were exported, similar to 13.867 million one year ago.

FranceAgriMer said the French soft wheat crop is 76 per cent good to excellent, an 11-point improvement from last year.

Ukraine’s ag ministry reported 926,000 hectares of spring grains have been planted, up 8.7 per cent from last year, including 79,800 hectares of wheat.

The USDA estimated Morocco’s wheat production for 2025-26 at 2.8 million tonnes, up 340,000 from the current year. The figure also included 1.1 million tonnes of durum.