Glacier FarmMedia — Canola futures on the Intercontinental Exchange closed Wednesday on a high note, with the March contract surpassing the C$650 per tonne level. An analyst said March canola’s next target is C$670/tonne, just above its 200-day moving average.
Chicago soyoil was higher with support from two fronts. The United States Treasury Department released long-awaited guidance for the 45Z Clean Fuel Production Tax Credit on Tuesday. U.S. President Donald Trump announced on Wednesday that China will purchase 20 million tonnes of soybeans this marketing year and 25 million in 2026-27. Soybeans traded more than 25 cents per bushel higher after the announcement.
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Glacier FarmMedia – Canola futures on the Intercontinental Exchange were boosted by vegetable oils in the middle of Wednesday trading,…
European rapeseed and Malaysian palm oil also made gains. Crude oil gained US$2 per barrel after reports of flailing nuclear talks between the U.S. and Iran.
At mid-afternoon, the Canadian dollar was down more than one-tenth of a U.S. cent compared to Tuesday’s close.
There were 48,679 canola contracts traded on Wednesday, compared to Tuesday when 62,004 contracts changed hands.
SOYBEANS gained more than 20 United States cents per bushel on the Chicago Board of Trade on Wednesday.
After speaking with Chinese President Xi Jinping, U.S. President Donald Trump announced on social media that China will increase its purchases of U.S. soybeans this marketing year to 20 million tonnes. China already met a previous commitment to buy 12 million tonnes of U.S. soybeans in 2025/26.
The U.S. Treasury Department released long-awaited guidance on the 45Z Clean Fuel Production Tax Credit on Tuesday, supporting soyoil prices. Public hearings are set to start in May.
Conab reported that Brazil’s soybean crop was 11.4 per cent harvested, compared to eight per cent last year and the historical average of 11.8 per cent.
CORN prices made small gains after a day of up-and-down trade.
The U.S. Energy Information Administration reported average daily ethanol production at 956,000 barrels per day for the week ended Jan. 30, down 158,000 from the previous week. Ethanol stocks declined 264,000 barrels at 25.136 million.
The U.S. Department of Agriculture reported a private export sale of 130,480 tonnes to unknown destinations this morning.
A South Korean importer purchased 65,000 tonnes of corn in a private tender on Tuesday.
Conab estimated the plantings for Brazil’s first corn crop were 95.2 per cent complete, compared to 95 per cent last year and the 93.9 per cent historical average. The first crop harvest was 8.6 per cent complete versus 10.5 per cent complete last year and the 12.3 per cent average. As for the safrinha crop, planting was 12 per cent complete, higher than the 5.3 per cent last year but below the 14 per cent average.
WHEAT prices were lower today with the March Minneapolis spring wheat and Kansas City hard red contracts extending their downturns to four sessions.
Jordan cancelled the wheat tender it issued on Tuesday and replaced it with a new one for 120,000 tonnes of wheat.
UkrAgroConsult said Egypt bought two cargoes of Ukrainian wheat last week for US$245 to US$250/tonne for nearby delivery.
