Glacier FarmMedia — Canola futures on the Intercontinental Exchange were higher on Friday, hours after Canada and China announced a new trade deal which included the reduction and removal of tariffs on the oilseed.
Canadian canola meal and other agricultural products will have their tariffs lifted by March 1, while canola seed will see its duty lowered to 15 per cent. There was no announcement for canola oil or pork.
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Glacier FarmMedia – Canola futures on the Intercontinental Exchange showed modest gains on Friday after Canada and China announced a…
An analyst said the 15 per cent duty on canola seed was “not ideal, but interesting”, adding that he was surprised Canada will allow up to 49,000 Chinese electric vehicles at a tariff of 6.1 per cent in exchange.
The Canadian Grain Commission reported on Thursday that 112,600 tonnes of canola were exported for the week ended Jan. 11, compared to 147,800 tonnes the week before. So far this marketing year, 2.922 million tonnes were shipped compared to 4.926 million one year ago.
Chicago soyoil was down, while European rapeseed and Malaysian palm oil were up. Crude oil made gains due to ongoing unrest in Iran.
At mid-afternoon, the Canadian dollar was down more than one-tenth of a United States cent compared to Thursday’s close.
There were 121,111 canola contracts traded on Friday, compared to Thursday when 82,930 contracts changed hands. Spreading accounted for 68,058 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
United States markets will be closed on Monday Jan. 19 for Martin Luther King Jr. Day.
All three United States WHEAT varieties saw their prices rise on Friday, with Kansas City hard red wheat having the biggest gains.
The Canadian Grain Commission reported on Thursday that 287,600 tonnes of wheat were exported during the week ended Jan. 11, compared to 224,400 tonnes the week before. So far this marketing year, 10.343 million tonnes were shipped, up from 9.322 million one year ago.
The International Grains Council raised its 2025-26 global wheat production estimate by 12 million tonnes at 842 million on Thursday. Canada’s production estimate was also lifted from 36.6 million tonnes to 40 million.
A South Korean importer bought 92,300 tonnes of wheat from the U.S. in a tender on Thursday.
CORN was up slightly on Friday and continued to alternate between gains and losses.
The U.S. Department of Agriculture reported a pair of private sales for 2025-26 corn this morning: 298,000 tonnes to unknown destinations and 120,000 tonnes to Japan.
The IGC lifted its 2025-26 global corn production estimate by 15 million tonnes at 1.313 billion.
Two South Korean importers purchased 130,000 tonnes of corn overnight.
SOYBEANS were up for the third straight session, rallying into the weekend.
Safras and Mercado raised their 2025-26 Brazilian soybean production estimate by 520,000 tonnes at 179.28 million. AgroConsult increased its call by 4.1 million tonnes at 182.2 million, while also increasing its projection for Brazil’s 2026 soybean exports to 112 million tonnes. Up to three-quarters of that figure is expected to go to China.
China’s purchases of 2025-26 U.S. soybeans have totalled 8.12 million tonnes, the USDA confirmed, but analysts say the figure is more than 10 million tonnes when factoring in unreported sales.
