North American Grain/Oilseed Review: Canola steady, grains mixed

Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange finished a pinch lower on Thursday, giving up the gains from earlier in the session. Pressure came from losses in comparable oils, but a weaker Canadian dollar limited the declines in canola.

Chicago soyoil and Malaysian palm oil were in negative territory while European rapeseed was higher. Crude oil was down on speculation OPEC+ will raise its output this July.

The United States House of Representatives passed a massive spending bill this morning with the 45Z biofuel tax credit included. An analyst said if the Senate does not pass the bill, the U.S. biofuel industry would be “in limbo”.

At mid-afternoon, the loonie was down less than one-tenth of a U.S. dollar compared to Wednesday’s close.

There were 36,696 canola contracts traded on Thursday, which compares with Wednesday when 38,158 contracts changed hands. Spreading accounted for 16,890 of the contracts traded.

SOYBEANS moved upward for the fourth straight session at the Chicago Board of Trade on Thursday. The July contract has made gains in nine of the past 11 sessions.

The United States Department of Agriculture reported that 307,900 tonnes of old crop soybeans were exported during the week ended May 15, up nine per cent from the previous week and slightly above the range of trade estimates. Also, 15,000 tonnes of new crop soybeans were sold to Costa Rica, well below trade expectations.

Export sales of old crop soyoil totaled 13,700 tonnes, relatively steady compared to the past week. In addition, 359,600 tonnes of old crop soymeal were also exported, up 25 per cent from the week before, as well as 23,100 tonnes of new crop.

The International Grains Council left its monthly world soybean production estimate for 2025-26 unchanged at 428 million tonnes. World ending stocks were tightened by two million tonnes at 81 million.

U.S. Environmental Protection Agency administrator Lee Zeldin said the department’s guidance regarding 2026 Renewable Fuel Standards, as well as those for future years, will be released “soon”.

Argentina’s Climate and Water Institute said the Buenos Aires area won’t see heavy rains until June 2 at the earliest, providing relief for people and crops affected by flooding.

July CORN extended its rally to four days, but not before reaching its highest level since May 5.

The USDA reported 1.191 million tonnes of old crop corn were exported last week, down 29 per cent from the week before. Also, 218,400 tonnes of new crop corn were also sold, but the amount was less than half from the previous week.

The IGC raised its worldwide production forecast for new crop corn by three million tonnes at 1.277 billion. It also raised Brazil’s production estimate by one million tonnes at 131 million.

The July contracts for all three major U.S. WHEAT varieties were lower on Thursday, ending three-day rallies.

There were net export sales reductions for old crop U.S. wheat last week at 13,400 tonnes. However, new crop sales totaled 882,200 tonnes, surpassing the trade’s highest estimate of 700,000.

The IGC kept worldwide 2025-26 wheat output unchanged at 806 million tonnes. Ending stocks for the marketing year were up two million tonnes at 262 million.

Limited precipitation is forecast for western parts of the Southern Plains next week.