By Glen Hallick, MarketsFarm
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures closed higher on Thursday, riding support from other vegetable oils.
Along with increases in European rapeseed, the Chicago soy complex turned around to finish on the upswing. However, Malaysian palm oil was still to the downside. Declines in crude oil put a cap on the veg oils.
The United States Department of Agriculture is set to release its monthly supply and demand estimates on Friday at 11 a.m. CDT. Pre-report positioning was a feature in today’s trading.
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Tight canola supplies and concerns over the developing crop underpinned the Canadian oilseed. Although there’s rain in the Prairie forecast, the threat of increased dry conditions remains.
The Canadian dollar edged up on Thursday afternoon with the loonie at 73.13 U.S. cents compared to Wednesday’s close of 73.03.
There were 33,298 contracts traded on Thursday, compared to 49,889 on Wednesday. Spreading accounted for 14,212 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Nov 684.10 up 4.10 Jan 693.60 up 4.40 Mar 700.40 up 4.60 May 706.10 up 4.70
SOYBEAN futures at the Chicago Board of Trade were higher on Thursday, after trading to both sides of unchanged in choppy activity.
The United States Department of Agriculture issued its export sales report for the week ended July 3 with old crop soybeans at 503,000 tonnes plus 248,400 tonnes of new crop. Soymeal export sales tallied 207,700 tonnes of old crop and 370,800 of new crop. Those for soyoil came to 4,000 tonnes. All sales were within trade expectations.
The USDA is set to publish its July supply and demand estimates on Friday. The trade placed U.S. soybean production for 2025/26 at 4.33 billion bushels, down seven million from the USDA’s June report.
Conab issued its July supply and demand report, trimming its call on Brazil’s 2024/25 soybean harvest by 120,000 tonnes at 169.49 million. Ahead of the USDA report, the trade put the department’s call on Brazil soybeans at 169.40 million tonnes.
CORN futures were steady to higher on Thursday, as traders squared their positions ahead of Friday’s USDA reports.
The U.S. Drought Monitor reported moisture conditions improved in South Dakota, Nebraska and Iowa, but worsened in northern Illinois.
The USDA reported a private sale for 110,00 tonnes of new crop corn to unknown destinations.
U.S. export sales of corn of 1.26 million tonnes of old crop and 888,600 of new crop, with both exceeding market guesses.
Trade pegged the new corn crop at 15.75 billion bushels, down 75 million from the June report.
Conab estimated the total Brazilian corn harvest at 131.97 million tonnes, up three million from its June report. The trade expects the USDA to come in at 132.30 million tonnes.
In citing dry conditions in some parts of the European Union, Strategie Grain cut its forecast for the 2025/26 EU’s corn crop by three million tonnes at 57.4 million, two per cent less than the 2024/25 harvest.
WHEAT futures were higher on Thursday, with the largest increase in hard red winter wheat.
The USDA said weekly wheat export sales were 567,800 tonnes of current crop, which was towards the high end of trade predictions. There were also sales of 9,400 tonnes for 2026/27 wheat.
Expectations for U.S. all wheat production were cut by 14 million bushels at 1.91 billion, and global ending stocks to slip to 262.50 million tonnes.
China reported its total wheat harvest came to 138.16 million tonnes, a pinch lower than the previous year’s output.
Strategie Grain held its call on 2025/25 EU soft wheat production at 130.70 million tonnes.
