By Glen Hallick
Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures were attempting a turnaround late Thursday morning as pressure from weaker Chicago soyoil was waning.
The announcement of China buying 12 million tonnes of United States soybeans during the balance of 2025 and then 25 million tonnes per year for the next three years injected some positive upswing in Chicago soybeans and soymeal. However, soyoil remained lower.
“The market trajectory is negative,” an analyst said about soyoil, noting there was little help for it from crude oil.
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The analyst said he is quite negative towards the U.S./China deal as nothing has yet to be signed and there has been very little detail made public.
There was support for canola from upticks in most MATIF rapeseed and Malaysian palm oil contracts. Crude oil was a pinch higher, with almost no spillover going into the vegetable oils.
The January canola contract was holding slightly above its 50-day average.
Statistics Canada reported on Thursday that the September canola crush was nearly 1.01 million tonnes compared to about 933,000 a year ago. StatCan also issued its grain deliveries report, with producers hauling 1.92 million tonnes of canola versus 1.99 million during the previous September.
The Canadian dollar was falling back by mid-session Thursday, with the loonie at 71.52 U.S. cents, compared to Wednesday’s close of 71.86.
Approximately 22,350 canola contracts were traded as of 10:35 am CDT, with prices in Canadian dollars per metric tonne:
Canola Nov 622.70 dn 4.30
Jan 640.70 dn 0.50
Mar 652.50 up 0.30
May 662.70 up 0.60
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
