By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures closed weaker on Monday, as the oilseed continued to contend with ample supplies.
A trader stressed the need for China to get back into Canada’s export market, stating Ottawa and Beijing need to resolve their trade differences.
Declines in most vegetable oils added more pressure on canola. There were losses in Chicago soybeans and soymeal, while soyoil nudged up a little. Malaysian palm oil was lower and MATIF rapeseed found some traction to end the day steady to higher.
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Strength in crude oil limited the downside in the veg oils.
Statistics Canada reported the November crush of 1.02 million tonnes of canola was virtually unchanged from the previous November. StatCan said November canola deliveries of 1.62 million tonnes were up 11.1 per cent from a year ago.
The Canadian dollar eased back on Monday afternoon with the loonie slipping to 73.06 U.S. cents, compared to Wednesday’s close of 73.13.
There were 31,537 contracts traded on Monday, compared to 38,931 on Wednesday. Spreading accounted for 13,383 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Jan 589.60 dn 9.00
Mar 602.90 dn 8.60
May 613.90 dn 8.20
Jul 622.20 dn 8.40
SOYBEAN futures at the Chicago Board of Trade were down on Monday, due in part to insufficient export sales to China.
The USDA reported export inspections of soybeans of 750,312 tonnes for the week ended Dec. 25, down from the previous week. Year-to-date shipments tallied almost 15.40 million tonnes, 46.3 per cent less than this time last year. Total soybean shipments to China last month were 135,417 tonnes.
The United States Department of Agriculture announced a private sale for 100,000 tonnes of 2025/26 soybeans to Egypt.
A very favourable weather forecast for Brazil and Argentina is to be beneficial to their soybean and corn crops.
CORN futures were also lower on Monday, lacking fresh supportive news to push it higher.
The USDA said corn export inspections fell back to 1.30 million tonnes. The cumulative total reached 25.57 million tonnes, 66.2 per cent higher than a year ago.
Ukraine said its corn harvest was about 87 per cent complete as of Friday.
WHEAT futures were steady to lower on Monday, with Minneapolis unchanged.
There’s a good snow cover for winter crops across the upper U.S. Midwest. Severe storms struck parts of the eastern Midwest. Lighter precipitation is expected this week.
The USDA reported wheat export inspections dropped to 302,096 tonnes. The cumulative total arrived at 15.06 million tonnes, 22 per cent more than a year ago.
Some progress was made in creating a peace deal for Russia and Ukraine, with the U.S. promising to guarantee the latter’s security for 15 years. However, Ukraine wants that increased to 50 years.
