North American Grain/Oilseed Review: Canola, grains in positive territory

Glacier FarmMedia | MarketsFarm — ICE canola futures finished higher on Tuesday, with strong gains in the nearby contracts while increases in the new crop positions were much more modest. Support from soybeans and soymeal also helped strengthen prices.

The May contract climbed above its 20-, 50-, and 100-day moving averages, following rebounds in the commodities and equity markets.

An analyst warned that with the high rate of canola exports and a strong domestic crush, “we’re using up too much canola too fast.” But he cautioned, “…one word from Trump can change the whole picture.”

Malaysian palm oil was mostly higher, while Chicago soyoil was lower and European rapeseed was mixed. Crude oil was lower on the eve of additional tariffs imposed by the United States on Chinese imports.

At mid-afternoon, the Canadian dollar was steady compared to Monday’s close.

There were 65,674 contracts traded on Tuesday, which compares with Monday when 61,528 contracts changed hands. Spreading accounted for 33,014 of the contracts traded.

SOYBEAN prices at the Chicago Board of Trade made gains for the second straight day on Tuesday, despite United States plans to impose additional tariffs on Chinese imports starting tomorrow.

Ahead of Thursday’s monthly supply/demand estimates from the U.S. Department of Agriculture, the trade expects the USDA to report soybean ending stocks to dip to 379 million bushels on average. World ending stocks would be up 660,000 tonnes at 122.07 million.

Argentine soybean production was estimated to be down 210,000 tonnes at 48.79 million, with Brazil’s up 110,000 tonnes at 169.11 million.

Crop consultant Dr. Michael Cordonnier left his production estimates for South American soybean production unchanged at 169 million tonnes for Brazil and 48 million for Argentina.

The European Union is planning on imposing tariffs of up to 25 per cent on U.S. imports starting April 15. Those for soybeans would be in effect starting Dec. 1.

CORN prices went up for the sixth time in eight sessions, with the May contract reaching its highest level since March 21.

The USDA released its first weekly crop progress report of 2025 late Monday. As of April 6, the U.S. corn crop was two per cent planted, down from three per cent last year but in line with the five-year average. Texas has already planted 59 per cent of its corn crop.

The trade expects the U.S. corn carryover to be 1.510 billion bushels on average, down 30 million from last month. World ending stocks were expected to be 288.18 million tonnes, down 760,000 from the March estimate.

Argentina’s crop production estimated was reduced by 700,000 tonnes at 49.3 million tonnes, while Brazil’s was cut by 90,000 at 125.91 million tonnes.

Cordonnier left his South American corn production estimates unchanged at 122 million tonnes for Brazil and 46 million for Argentina.

The USDA reported a private export sale of 240,000 tonnes of 2024-25 corn to Spain this morning.

The three major U.S. WHEAT varieties saw gains with Minneapolis spring wheat making the biggest moves.

The USDA reported winter wheat conditions to be 48 per cent good to excellent, compared to 56 per cent one year ago. Five per cent of the winter wheat crop is headed, while spring wheat planting is on pace at three per cent.

The trade expects U.S. wheat stocks to be 825 million bushels on average, up six million from the USDA’s March estimate. Global carryout is set to be augmented 310,000 tonnes at 260.39 million.

European Union soft wheat exports have totaled 16.36 million tonnes this marketing year up to April 5, less than the 24.96 million tonnes from the same point last year.