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North American grain/oilseed review: Canola falls Friday

| 2 min read

Glacier FarmMedia — The ICE Futures canola market was weaker Friday, retreating from earlier gains as traders adjusted positions ahead of the weekend and reacted to updated acreage and production data from Statistics Canada.

StatCan pegged the country’s canola area at 21.46 million acres in a report out Friday morning. That compares with 22.01 million acres planted in 2024 and initially provided some support to the futures.

However, included in the data was an upward revision to Canada’s 2024 canola production to 19.18 million tonnes, which would be well above the December estimate of 17.80 million tonnes.

Also on Friday, U.S. President Donald Trump posted to social media that trade talks with Canada were ending “effective immediately,” citing concerns over Canada’s digital services tax.

Losses in Chicago soyoil and European rapeseed contributed to the softer tone in canola, although Malaysian palm oil was higher. A weaker tone in the Canadian dollar was also supportive.

There were 51,474 contracts traded on Friday, which compares with Thursday when 50,652 contracts changed hands. Spreading accounted for 29,232 of the contracts traded.

 

SOYBEAN futures at the Chicago Board of Trade were stronger Friday, seeing a modest correction to end the week amid ideas recent losses were overdone.

While Midwestern weather conditions remain relatively favourable, there’s still a long growing season ahead.

The United States Department of Agriculture releases updated acreage estimates on Monday, June 30, with quarterly stocks data also out that day. Positioning ahead of the reports was a feature.

Statistics Canada estimated Canadian soybean plantings in 2025 at 5.74 million acres in a report out Friday morning. That was up by 100,000 acres from the March estimate and in line with what was seeded the previous year.

 

CORN corrected off its contract lows, as speculative short covering provided support.

Canadian corn area was estimated at 3.73 million acres by StatCan, which was down slightly from the March estimate but up from the 3.65 million acres planted in 2024.

 

WHEAT futures were firm on Friday, despite seasonal harvest pressure.

Total Canadian wheat area, including durum and winter wheat remaining, was estimated at 26.93 million acres by StatCan. That compares with 26.65 million the previous year.