North American Grain/Oilseed Review: Canola retreats, corn, wheat down

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market extended its tariff-related slide on Friday amidst mostly positive sentiment in comparable oils.

Chicago soyoil and Malaysian palm oil were higher, while crude oil was moving up partly due to a weaker United States dollar. However, European rapeseed was lower.

One analyst said canola crushers could start hedging profits or go ahead with forward sales of oil and meal to Europe. Another said growing flax could be a profitable option for canola growers looking to shift away from the oilseed.

The Canadian Grain Commission reported on Thursday that canola exports totaled 197,200 tonnes for the week ended March 9, up 87 per cent from the previous week. Canola exports this marketing year so far are at 6.32 million tonnes, compared to 3.44 million last year.

At mid-afternoon, the Canadian dollar was up more than one-tenth of a U.S. cent compared to Thursday’s close.

There were 43,299 contracts traded on Friday, which compares with Thursday when 64,331 contracts changed hands. Spreading accounted for 24,920 of the contracts traded.

The May CORN contract declined for the third time in four days at the Chicago Board of Trade on Friday.

The United States Department of Agriculture reported total corn export commitments so far this marketing year at 50.535 million tonnes, which is 35 per cent more than one year ago and makes up 81 per cent of the USDA’s export projection for 2024-25.

The Rosario Grain Exchange reported Argentina’s corn harvest at 8.1 per cent complete.

Reuters reported South Korean firm MFG bought 69,000 tonnes of corn from either South America or South Africa, while another firm from the country KFA purchased between 65,000 and 70,000 tonnes from the U.S.

All three major U.S. WHEAT varieties saw their May contracts retreat, but losses failed to surpass six cents per bushel.

The Canadian Grain Commission reported Canadian wheat exports for the week ended March 9 totaled 393,600 tonnes, down from 494,800 the previous week. Canada has shipped 12.42 million tonnes of wheat for export so far this marketing year, down from 12.764 million one year ago.

Total export commitments for U.S. wheat this marketing year so far are at 21.274 million tonnes, up 15 per cent from last year while making up 94 per cent of the USDA’s export projection for 2024-25. The average sales pace this time of year is 98 per cent.

Strategie Grains cut its 2025-26 EU wheat production estimate by 200,000 tonnes at 127.5 million.

The May SOYBEAN contract moved higher on consecutive days for the first time since March 5.

The USDA said total soybean export commitments from the U.S. so far this marketing year are at 45.069 million tonnes. This figure is 14 per cent larger than one year earlier and made up 91 per cent of the USDA’s export forecast.

The Buenos Aires Grain Exchange rated Argentina’s soybean crop to be 74 per cent good to excellent, one point above last week, while also maintaining its production estimate at 49.6 million tonnes. Meanwhile, the Rosario Grain Exchange trimmed its own estimate by one million tonnes at 46.5 million.

Argentina’s oilseed workers lifted their nationwide strike after one day on the picket line, agreeing to talks with the national government.