By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures continued to rally on Thursday with the strongest gains in the old crop months.
An analyst stated that price rationing in canola is inevitable with Canada’s dwindling supplies. Year-to-date canola exports are poised to surpass the 7.50 million tonnes projected by Agriculture and Agri-Food Canada.
The Canadian Grain Commission reported canola exports to the European Union so far this marketing year have surged to 700,000 tonnes from 100,000 a year ago. Those to China have reached 3.36 million tonnes versus 2.21 million this time last year.
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By Glen Hallick Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were higher on Friday morning, despite getting…
Strong increases in Chicago soybean and soyoil, combined with more modest upticks in Malaysian palm oil and European rapeseed lent support to canola. Gains in crude oil underpinned the vegetable oils.
The Canadian dollar was virtually unchanged on Thursday afternoon with the loonie at 72.11 U.S. cents.
There were 58,092 contracts traded on Thursday, compared to 42,029 on Wednesday. Spreading accounted for 30,960 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola May 692.40 up 16.40 Jul 697.40 up 15.10 Nov 657.10 up 4.20 Jan 661.10 up 2.80
SOYBEAN futures at the Chicago Board of Trade were stronger on Thursday, despite lackluster export sales.
The United States Department of Agriculture issued its export sales report for the week ended April 17. Old crop soybeans came to 277,000 tonnes towards the low end of trade guesses. Old crop soymeal was at 170,900 tonnes, plus 5,300 tonnes of new crop. Export sales of old crop soyoil amounted to 12,400 tonnes.
China took issue with the U.S. asserting tariffs between the two countries could be eased. A Chinese official stated there are no trade talks to resolve those high tariffs and demanded the U.S. remove its levies on China.
Japan said it’s willing to increase its annual imports of U.S. soybeans to three million to 3.50 million tonnes from the usual 2.10 million to 2.60 million.
The MARS crop monitoring service projected a nine per cent increase in rapeseed yields for the European Union in 2025/26 at 3.20 tonnes per hectare.
CORN futures were higher on Thursday, pulled along by soybeans.
The weather outlook for the U.S. Midwest remained a mixed bag. While western areas are forecast to be drier over the next couple of weeks, southern areas are to get more rain within the next 10 days. Also, the eastern Midwest could get frost.
U.S. corn export sales amounted to 1.15 million tonnes of old crop, near the high end of market expectations.
WHEAT futures made slight gains on Thursday, as spillover from soybeans and corn bumped up prices.
Export sales of old crop U.S. wheat incurred a net reduction of 145,000 tonnes, a little short of the low end of trade predictions. However, new crop sales of 371,700 tonnes exceeded guesses.
MARS estimated EU soft wheat yields in 2025/26 are to be up eight per cent from last year at 6.03 t/ha.
That said, the European Commission trimmed its call on EU wheat output in 2025/26 to 126.30 million tonnes. Also, ending stocks for 2024/25 were raised 1.30 million tonnes at 10.70 million and those for 2025
