By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures finished weaker on Friday, pulled down by losses in comparable oils as well as profit-taking.
There were sharp declines in Chicago soybeans and soyoil, while soymeal edged up a little. Losses in MATIF rapeseed and Malaysian palm oil added to canola’s downturn. Crude oil was virtually unchanged, providing little direction to the vegetable oils.
Although weekly exports of canola improved for the week ended Dec. 7, the Canadian Grain Commission reported the year-to-date of 2.38 million tonnes continued to lag far behind the year ago figure of 4.03 million.
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In the CGC’s monthly export report, cumulative canola exports to China as of the end of October were only 113,900 tonnes versus 2.29 million the same time last year.
The March canola contract was well back of its moving averages, further adding pressure on the oilseed.
The Canadian dollar was virtually unchanged on Friday afternoon with the loonie at 72.61 U.S. cents.
There were 73,527 contracts traded on Friday, compared to 88,166 on Thursday. Spreading accounted for 48,250 contracts traded.
With the final settlement still pending, prices are in Canadian dollars per metric tonne:
Price Change
Canola Jan 605.00 dn 16.30
Mar 617.70 dn 15.10
May 629.70 dn 14.30
Jul 637.90 dn 13.00
SOYBEAN futures at the Chicago Board of Trade were weaker on Friday with export sales not having a positive effect.
The United States Department of Agriculture announced a private sale for 132,000 tonnes of 2025/26 soybeans to China. This marked the third purchase by China this week, totaling 532,000 tonnes. That brought China’s year-to-date U.S. soybean purchases to more than three million tonnes. The Trump administration said China is to acquire 12 million tonnes by over the next 11 weeks.
Also, the USDA said there was a private sale for 104,328 tonnes of soymeal to Mexico, of which 90 per cent is for 2025/26 and the remainder for 2026/27.
As the USDA continued to catch up on missed weekly export sales reports, it’s scheduled to release on Monday that for the week ended Nov. 20. The trade projected 800,000 to three million tonnes in soybeans; 100,000 to 450,000 tonnes in soymeal; and 5,000 to 25,000 tonnes in soyoil.
China’s Sinograin said it will auction 513,000 tonnes of imported soybeans on Dec. 18. Yesterday, Sinograin sold 397,000 tonnes. It’s believed the sales are to make room for forthcoming U.S. soybean imports.
CORN futures were lower on Friday, pulled down by soy and wheat.
The USDA reported a private sale for 250,000 tonnes of 2025/26 corn to unknown destinations.
Expectations for Monday’s sales report are 1.10 million to 2.20 million tonnes.
WHEAT futures were lower on Friday, due to a lack of fresh news.
The trade forecast Monday’s export wheat sales at 300,000 to 750,000 tonnes.
South Korea bought 65,000 tonnes of wheat.
