By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures stepped back on Monday after trading resumed following the Easter long weekend.
Canola values were higher this morning but turned around on pressure from declines in the Chicago soy complex and Malaysian palm. The European rapeseed market was closed for a holiday. Losses in crude oil weighed on vegetable oil values.
There was weakness in the United States markets due to concerns that President Donald Trump is prepared to oust Federal Reserve Chair Jerome Powell.
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Agriculture and Agri-Food Canada kept its forecast for 2024/25 canola exports at 7.50 million tonnes in its monthly supply and demand report released on April 17. Meanwhile, the Canadian Grain Commission reported the same day that cumulative exports of the oilseed had already reached 7.38 million tonnes with 16 weeks left in the marketing year.
The Canadian dollar was slightly higher on Monday afternoon with the loonie at 72.26 U.S. cents, compared to Thursday’s close of 72.17.
There were 52,670 contracts traded on Monday, compared to 58,040 on Thursday. Spreading accounted for 32,744 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola May 659.00 dn 8.90 Jul 665.40 dn 10.30 Nov 643.40 dn 7.10 Jan 650.10 dn 7.70
SOYBEAN futures at the Chicago Board of Trade were lower on Monday, as the trade is concerned United States President Donald Trump could oust Federal Reserve Chair Jerome Powell, which would lead to more economic chaos.
The U.S. Trade Representative announced port fees on vessels built in China will begin in October and will be charged US$50 per net ton of cargo. Those fees are less than expected following heavy pressure from a number of sectors for the Trump administration to refrain from creating further upheaval in the global markets.
The U.S. Department of Agriculture reported export inspections of soybeans for the week ended April 17 came to 550,924 tonnes, down slightly from the previous week. Year-to-date inspections now total 42.67 million tonnes compared to 38.47 million the same time last year.
Ahead of this afternoon’s USDA crop progress report, the trade projected soybean planted to reach seven per cent complete.
China stated its total grain output for 2025/26 is to hit a record 709 million tonnes. Of that, 21.17 million tonnes is to be soybeans, up 2.5 per cent from a year ago.
That said, China’s March soybean imports included 2.44 million tonnes from the U.S., up 12 per cent from a year ago, and 950,000 tonnes from Brazil, down 69 per cent from this time last year.
CORN futures were a pinch lower on Monday, despite severe weather over much of the U.S Midwest and South during the Easter weekend tat will lead to planting delays.
The trade forecast corn planting to be at 11 per cent finished.
The USDA reported weekly corn export inspections of 1.70 million tonnes, down from 1.83 million a week ago. Cumulative inspections reached 39.22 million tonnes versus 30.41 million a year ago.
WHEAT futures were lower on Monday caught up in the downturn, despite support that came from the adverse Easter weather.
In the U.S. weather outlook, rain is in next week’s forecast stretching from Texas to South Dakota.
Export inspections of U.S. wheat came to 510,250 tonnes, falling from 611,446 tonnes last week. Total inspections so far in 2024/25 are 18.81 million tonnes versus 16.44 million this time last year.
Russia said its winter crops are in 90 per cent good to satisfactory condition.
IKAR projected the total 2025/26 Russian grain harvest at 129.50 million tonnes, up 3.50 million from the previous year. The consultancy forecast the country’s wheat crop at 82.50 million tonnes.
