Glacier FarmMedia — ICE canola futures were weaker on Monday, as a selloff in the Chicago soy complex spilled over to weigh on prices.
Seasonal harvest pressure and a lack of significant export demand contributed to the declines.
Canadian canola exports through the first six weeks of the 2025/26 marketing year of 575,000 tonnes compare with 1.45 million at the same point a year ago, according to Canadian Grain Commission data.
November canola hit a session low of C$608.00 per tonne, marking the weakest level for the front month contract in nearly six months.
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ICE canola weaker at midday Monday
Glacier FarmMedia — The ICE Futures canola market was weaker at midday Monday, with losses in the Chicago soy complex…
There were 52,562 contracts traded on Monday, which compares with Friday when 44,579 contracts changed hands. Spreading accounted for 29,050 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were weaker on Monday, seeing a continuation of Friday’s selloff as a lack of movement on trade talks with China weighed on values.
News that Argentina would remove export taxes on all grains and byproducts through October weighed heavily on the soy complex. Argentina is a major exporter of soyoil and meal, with the move expected to lead to increased competition out of the South American country.
Relatively favourable Midwestern harvest weather also pressured values.
CORN was also pressured by the news Argentina was setting export duties at zero. The move is being made to help the country build its currency reserves, with the likely result being an increase in farmer selling.
The good U.S. harvest weather was also bearish, with the corn harvest just getting started.
Citing damage from drought and heat in southeastern Europe, crop monitoring service MARS lowered their yield estimates for 2025 corn production in the European Union to 6.88 tonnes per hectare from 6.93 t/ha a month ago. That would be down three per cent on the year, but still up one per cent from 2024.
WHEAT futures were steady to lower, with spring wheat lagging the winter wheat contracts to the downside.
Beneficial moisture in the forecast for the central U.S. Plains will help the recently planted winter wheat.
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
