By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures pulled back in sparse activity on Wednesday, getting pressured by weakness in the Chicago soy complex.
Losses in Malaysian palm oil also weighed on canola values, with some support coming from gains in most MATIF rapeseed contracts. Declines in crude oil pushed the vegetable oils lower.
A trader said canola futures are facing a grim start to 2026, with a strong likelihood of testing new contract lows during January. However, he said when canola has slipped below C$600 per tonne, export business has quickly brought it back up.
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By Glen Hallick Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange continued lower at midday Wednesday, being…
Poor exports to China, a record canola harvest and farmers unwilling to sell added to the Canadian oilseed’s woes.
The March canola contract moved further below its major moving averages.
The Canadian dollar was lower on Wednesday afternoon with the loonie falling to 72.86 U.S. cents, compared to Tuesday’s close of 73.03.
The Canadian and U.S. markets will be closed until Friday at 8:30 a.m. CST.
There were 17,910 contracts traded on Wednesday, compared to 29,348 on Tuesday. Spreading accounted for 7,456 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Jan 589.40 dn 5.20
Mar 602.40 dn 6.40
May 613.30 dn 6.00
Jul 621.40 dn 5.80
SOYBEAN futures at the Chicago Board of Trade were weaker on Wednesday, driven lower by unfavourable export sales.
As the U.S. Department of Agriculture continued to catch up in missed export sales report, it said export sales of 2025/26 soybeans for the week ended Dec. 18 were 987,000 tonnes. That’s below trade expectations of 1.40 million to 2.40 million tonnes.
Soymeal export sales reached 299,000 tonnes, a little above the low end of its market guesses. Soyoil came in at 49,2000 tonnes, which well exceeded market projections.
The South American weather outlook has called for near normal rainfall for Brazil over the next two weeks and near normal for Argentina in the eight to 14-day forecast.
CORN futures dipped on Wednesday, unable to hang on to small increases.
The U.S. Energy Information Administration issued another ethanol report with production for the week ending Dec. 26 averaging 1.12 million barrels per day, up 25,000 BPD from the previous report. Ethanol stocks added 416,000 barrels at 22.94 million. The EIA’s ethanol reports are now caught up following this fall’s government shutdown.
Export sales of U.S. corn were 2.20 million tonnes, a little above the trade range of one million to two million tonnes.
Russia said it will maintain its corn export tax at zero per cent for the next three weeks.
WHEAT futures were lower on Wednesday, faced with a plentiful global supply.
Wheat export sales were 147,800 tonnes and within trade guesses.
The Buenos Aires Grain Exchange added 700,000 tonnes to its call on the Argentina wheat crop at 27.80 million.
