By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures closed a pinch higher on Friday, after retreating from much larger increases.
A dramatic turnaround in Chicago soyoil led to the nearly complete reversal in canola. The August soyoil contract fell by more than one cent per pound from its session highs to close 4/10ths of a cent lower than Thursday.
Losses in European rapeseed further contributed to the about-face in canola, but support came from gains in Chicago soybeans and soymeal, along with those in Malaysian palm oil. Crude oil dipped slightly lower to weigh on the vegetable oils.
Read Also
ICE Canola Midday: Prices suddenly turn lower
By Glen Hallick Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were falling back late Friday morning, after…
An analyst said Prairie weather forecasts calling for rain helped to push down canola prices. Should the dryness persist, he said that would provide support for the oilseed.
The Canadian Grain Commission reported cumulative canola exports reached 9.23 million tonnes with three weeks left in the 2024/25 marketing year. In Agriculture and Agri-Food Canada’s June estimate, it projected yearly canola exports at 9.50 million tonnes.
Next week, AAFC releases its July supply and demand estimates which will include Statistics Canada’s updated old crop production figure of 19.20 million tonnes.
The Canadian dollar was higher on Friday afternoon with the loonie at 72.85 compared to Thursday’s close of 72.71.
There were 45,058 contracts traded on Friday, compared to 45,452 on Thursday. Spreading accounted for 20,594 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Nov 700.30 up 0.40 Jan 709.50 up 0.80 Mar 716.80 up 2.10 May 721.90 up 2.90
SOYBEAN futures at the Chicago Board of Trade were higher on Friday along with those in soymeal, but there was a sharp turnaround in soyoil futures.
Export commitments for United States soybeans hit 100 per cent with a few weeks left in the current marketing year. A year ago, commitments stood at 102 per cent.
Abiove maintained its call on Brazil soybean production at 169.70 million tonnes and raised its crush number by 300,000 tonnes at 57.80 million. Abiove also increased its soybean export forecast by 800,000 tonnes at 109 million.
The Rosario Grain Exchange added one million tonnes to its call on the Argentina soybean harvest at 49.50 million.
Germany’s winter rapeseed harvest is to come to 3.88 million tonnes in 2025/26, up 7.1 per cent from a year ago.
CORN futures were higher on Friday, in sympathy with soybeans.
Export commitments for U.S. corn are at 99 per cent, compared to the five-year average of 102 per cent.
The U.S. weather outlook has rain for North and South Dakota as well as the Eastern Corn Belt. The outlook called for above normal temperatures for the balance of July.
French corn rated 72 per cent good to excellent, down three points on the week.
WHEAT futures closed higher on Friday, but with a small uptick in Minneapolis spring wheat and double-digit increases in Kansas City hard read and Chicago soft red.
A short way into the 2025/26 U.S. wheat marketing year, export commitments so far are at 36 per cent, a point ahead of the average pace.
France placed its soft wheat crop at 69 per cent good to excellent, up one point from last week. The country’s harvest nearly doubled over the week at 71 per cent complete.
France projected its soft wheat exports outside of the European Union to reach only 7.5 million tonnes, facing increased competition from cheaper Black Sea sources.
The 2025/26 German wheat harvest is to improve 16.5 per cent at 21.56 million tonnes.
