By Phil Franz-Warkentin
Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was mixed on Monday, as the old/new crop spread narrowed.
A temporary pause on most tariffs between China and the United States lent early support to the soy complex with some of that buying spilling into the canola market. Tighter-than-expected soybean ending stocks estimates in the U.S. Department of Agriculture’s monthly supply/demand report added to the firmer tone in soybeans and soyoil.
Tightening canola supplies and the need to ration demand also provided support.
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Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange remained lower in the middle of trading on Tuesday…
However, canola ran into chart resistance at the highs, with the July contract failing to hold above C$720 per tonne.
There were 67,856 contracts traded on Monday, which compares with Friday when 37,278 contracts changed hands. Spreading accounted for 31,250 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade climbed higher on Monday, as bullish supply/demand data and optimism over a temporary pause to the trade war between China and the United States provided support.
China and the U.S. agreed to cut tariffs on each other for the next 90 days, which eased concerns over a global economic recession.
The U.S. Department of Agriculture forecast 2025/26 U.S. soybean ending stocks at 295 million bushels, which fell well short of average trade guesses and compares with the estimated 2024/25 carryout of 350 million bushels.
CORN was mixed, with losses in the front months and gains in the deferred positions.
U.S. corn ending stocks for 2025/26 were about 200 million bushels short of average trade estimates, coming in at 1.800 billion. That would still be up from the 2024/25 projected carryout of 1.415 billion bushels.
However, world corn ending stocks came in well below trade guesses at 277.8 million tonnes. If realized that would be up by about 10 million tonnes on the 2024/25 projection.
WHEAT futures were lower across the board as conditions for the U.S. wheat crop remain relatively favourable.
The USDA pegged total U.S. wheat production in 2025/26 at 1.921 billion bushels, which topped average trade estimates and compares with the 1.971 billion bushels grown in 2024/25.
U.S. wheat ending stocks are forecast to rise to 923 million bushels in 2025/26, from an estimated 841 million for the current marketing year.
