Glacier FarmMedia – Canola futures on the Intercontinental Exchange were gaining positive traction on Tuesday morning, due to sharp increases in crude oil.

West Texas Intermediate was spiking on Tuesday, following United States attacks on Iran’s Kharg Island oil hub. At this point, the spillover was just finding its way in the vegetable oils.

The Chicago soy complex and Malaysian palm oil were slightly lower while MATIF rapeseed was narrowly mixed.

An analyst said the May canola contract is entrenched in a trading range of C$720 to C$740 per tonne.

The May canola was a pinch higher than its 20-day moving average.

There were increases in the canola crush margins, with the May position adding almost C$14 at more than C$350 per tonne above the futures.

The Canadian dollar was virtually unchanged on Tuesday morning, with the loonie at 71.83 U.S. cents.

Approximately 12,950 contracts had been traded by 8:39 CDT and prices in Canadian dollars per metric tonne were:     

                          Price      Change

Canola            May     727.70     up  1.10

                  Jul     740.70     up  1.20

                  Nov     734.60     up  1.90

                  Jan     739.50     up  0.60

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• The United States Department of Agriculture reported weekly export shipments of 779,352 tonnes of soybeans, which was up 12 per cent from the previous week.
• Ideas that rising fertilizer costs will encourage more soybean plantings in the United States this spring put some pressure on values.
• Brazil’s soybean harvest was 82 per cent complete as of this past Thursday, running about five points off the year-ago pace, reported consultancy AgRural.
• Crude oil held in a narrow range, as energy markets watched for any developments on ceasefire negotiations in the Middle East.

CORN futures were higher, as solid export demand and a softer tone in the U.S. dollar provided support.

• Weekly U.S. corn export inspections came in at just over two million tonnes, which was up by 24 per cent from the previous week.
• The need to keep some premiums in the market to encourage planting this spring was also supportive.

WHEAT futures were lower as traders adjusted positions after the long weekend and many global markets remained closed for Easter Monday.

• Forecasts calling for beneficial rain in some dry areas of the U.S. Plains over the next 10 days were bearish.
• Weekly U.S. wheat exports were down 13.5 per cent on the week at 334,106 tonnes.

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• The May contract settled near the middle of its C$8-per-tonne trading range for the session, losing only 40 cents at the final bell.
• Chicago soyoil hit fresh contract highs, with the ongoing uncertainty over the war in the Middle East keeping some caution in global markets — including vegetable oils.
• Speculative fund traders are holding a large net long position in canola of just over 100,000 contracts, according to the latest Commitments of Traders report.
• The Canadian dollar was slightly firmer but remained near four-month lows relative to its United States counterpart. The softer currency is supportive for crush margins, which have widened to record levels over the past month.
• There were 35,331 contracts traded on Monday, which compares with Thursday when 57,301 contracts changed hands. Markets were closed April 3 for Good Friday. Spreading accounted for 24,240 of the contracts traded.

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• The nearby May contract dipped below its 20-day moving average in early activity but moved back above that chart point as the day progressed.
• Chicago soyoil traded just under contract highs, with the ongoing uncertainty over the war in the Middle East keeping some caution in global markets — including vegetable oils.
• Speculative fund traders are holding a large net long position in canola of just over 100,000 contracts, according to the latest Commitments of Traders report.
• The Canadian dollar was slightly firmer at midday but remains near four-month lows relative to its United States counterpart. The softer currency is supportive for crush margins, which have widened to record levels over the past month.

• An estimated 20,700 canola contracts traded as of 10:40 CDT.

Prices in Canadian dollars per metric tonne at 10:40 CDT:

Canola            May   727.30    up  0.30

                  Jul   740.30    up  0.30

                  Nov   734.00    up  0.20

                  Jan   739.90    up  0.10

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Glacier FarmMedia – Canola futures on the Intercontinental Exchange were lower on Monday morning, pulled down by weaker crude oil prices. Trading resumed after Friday’s holiday.

Crude was falling back as the trade waited for news on whether there will be talks between the United States and Iran or not.

Among the vegetable oils, Malaysian palm oil was slightly lower and there were gains in the Chicago soy complex. With the Easter Monday holiday in Europe, MATIF rapeseed was not being traded.

The May canola contract was virtually on par with its 20-day moving average, while it remained handily above its other technical levels.

Canola crush margins pushed higher, with the May position adding more than C$14 at almost C$337 per tonne above the futures.

Canola exports for the week ended March 29 came to 232,100 tonnes, slightly higher than the previous week the Canadian Grain Commission reported. Year-to-date exports were almost 5.31 million tonnes versus 6.86 million the year before.

The Canadian dollar was back trading on Monday morning, with the loonie edging up to 71.90 U.S. cents compared to Thursday’s close of 71.85.

Approximately 8,250 contracts had been traded by 8:36 CDT and prices in Canadian dollars per metric tonne were:     

                          Price      Change

Canola            May     724.60     dn  2.40

                  Jul     737.60     dn  2.40

                  Nov     730.30     dn  3.50

                  Jan     736.20     dn  3.60

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The United States Department of Agriculture reported 23,500 tonnes of old crop wheat, a marketing-year low, were sold for export during the week ended March 26, down 51 per cent from the week before and well below pre-report trade estimates. Meanwhile, 272,800 tonnes of new crop wheat were sold, near the higher end of trade expectations.

U.S. Census data said 1.94 million tonnes of wheat were exported in February, a six-year high for the month.

CORN prices were lower for the fifth session in their last six.

The USDA reported 1.149 million tonnes of old crop corn were sold for export last week, down eight per cent from the week before but within trade expectations. In addition, 102,600 tonnes of new crop corn were also sold, exceeding trade guesses.

There were 6.77 million tonnes of U.S. corn exported in February, a record high for the month.

The USDA said the February corn grind was at 424.8 million bushels, up 0.7 per cent from last year. Corn used for ethanol so far this marketing year totalled 2.744 billion bushels, down seven million from last year.

Bloomberg reported that China purchased Argentine corn for the first time in 15 years.

StoneX raised its estimate for Brazil’s first corn crop 1.5 per cent to 27.2 million tonnes but trimmed its safrinha corn crop forecast by 0.7 per cent to 106 million. The firm projected Brazil’s overall 2025-26 corn production at 135.7 million tonnes, down 2.9 per cent from the year before.

SOYBEANS were down for the second consecutive day but remained in their trading ranges.

Export sales of old crop U.S. soybeans were 353,300 tonnes last week, within trade estimates and down 49 per cent from the previous week. There were no new crop export sales.

There were 377,200 tonnes of old crop U.S. soymeal sold for export, within trade expectations and down 40 per cent from the week before.

Old crop U.S. soyoil export sales totalled 1,100 tonnes last week, near the lower end of trade expectations and up 53 per cent from the previous week.

A total of 4.195 million tonnes of U.S. soybeans were exported in February, up 34.6 per cent from a year ago. There were also 1.37 million tonnes of soymeal and 71,814 tonnes of soyoil shipped.

The USDA reported 214.2 million bushels of soybeans were crushed in the month of February, up 13 per cent from last year but down six per cent from January. The average daily crush of 7.65 million bushels was an all-time record. The crush for the first half of the marketing year was 1.334 billion bushels, up 8.3 per cent from last year.

StoneX increased its estimate for Brazil’s soybean harvest 1.1 per cent to 179.7 million tonnes. 

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United States President Donald Trump said in a televised address on Wednesday that his country would hit Iran hard over the next two to three weeks, but did not say when he expected the war would end. As a result, crude oil rose between US$7 to US$12 per barrel Thursday afternoon.

An analyst said crude oil’s climb spilled over into vegetable oils, including Chicago soyoil as well as canola. Chicago soyoil gained nearly two U.S. cents per pound, while European rapeseed and Malaysian palm oil were higher.

There will be no trading tomorrow due to the Good Friday holiday.

At mid-afternoon, the Canadian dollar was down more than one-tenth of a U.S. cent compared to Wednesday’s close.

There were 57,301 canola contracts traded on Thursday, compared to Wednesday when 56,844 contracts changed hands. Spreads accounted for 39,832 contracts in today’s trade.

Settlement prices are in Canadian dollars per metric tonne.

May 727.00 up  8.50

Jul 740.00 up  8.20

Nov 733.80 up  8.30

Jan 739.80 up  8.40

Spread trade prices are in Canadian dollars:

May/Jul 12.80 under to 13.30 under 11,665

May/Nov  5.40 under to  7.30 under    822

May/Jan 11.80 under to 12.50 under      9

May/Mar 15.50 under to 17.00 under      4

May/Jul 16.40 under to 17.60 under      1

Jul/Nov  8.00  over to  5.90  over  5,744

Jul/Jan  2.00  over to  0.10  over     17

Jul/Mar  2.40 under to  4.00 under      2

Nov/Jan  5.50 under to  6.30 under  1,384

Jan/Mar  3.70 under to  4.50 under    202

Mar/May  0.70 under to  0.90 under     28

May/Jul  0.10  over                    38

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United States President Donald Trump said in a televised address on Wednesday that Iran will be hit hard by attacks over the next two to three weeks while stopping short of saying when he expected the war would end. As a result, crude oil prices climbed US$5 to US$9 per barrel.

An analyst said rising crude oil was spilling over into Chicago soyoil and, in turn, influencing canola. Chicago soyoil gained more than one U.S. cent per pound, while European rapeseed and Malaysian palm oil were higher.

The Canadian dollar was down more than one-tenth of a U.S. cent compared to Wednesday’s close.

There will be no trading on Friday due to the Good Friday holiday.

About 31,100 canola contracts have traded at 10:02 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

May 726.80     up  8.30

Jul 740.20     up  8.40

Nov 733.50     up  8.00

Jan 739.60     up  8.20

To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/

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United States President Donald Trump delivered a televised address on Wednesday, saying U.S. forces could hit Iran hard over the next two to three weeks. He stopped short of saying when he expects the war to end. Crude oil surged between US$8 to US$14 per barrel this morning.

Chicago soyoil gained more than one U.S. cent per pound, while European rapeseed and Malaysian palm oil were also higher.

The Canadian dollar was down more than one-tenth of a U.S. cent compared to Wednesday’s close.

There will be no trading on Friday due to the Good Friday holiday.

Nearly 19,400 contracts were traded. Prices in Canadian dollars per metric ton as of 8:40 CDT:

May  729.60  up 11.10

Jul  743.10  up 11.30

Nov  736.20  up 10.70

Jan  741.70  up 10.30

To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/

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The National Weather Service is forecasting above-normal precipitation across the entire United States Plains for April 8 to 14, which would alleviate dry conditions in winter wheat growing areas.

Heavy rainfall will move from central Texas to Wisconsin later this week, bringing 40 to 75 millimetres of rain by Saturday. The heaviest rains are expected in Oklahoma, eastern Kansas and western Missouri.

The U.S. Department of Agriculture will release weekly export sales data on Thursday. Traders are expecting 200,000 to 500,000 tonnes of old crop wheat and 100,000 to 300,000 tonnes of new crop to be sold during the week ended March 26.

SOYBEANS lost more than 10 cents per bushel as Chicago soyoil came down after speculation the war in Iran could end sooner than later.

Indonesia announced a plan to expand its biofuel mandate, implementing gasoline consisting of 50 per cent biofuel beginning July 1. While the move would reduce fossil fuel consumption in the country by four billion litres annually, it would reduce the amount of palm oil available to global markets.

Brazil has enlisted bank managers to use satellite imagery to determine if farmers have been illegally deforesting their land. The government argued that on-the-ground efforts have become more difficult and the new form of enforcement would withhold billions of dollars of publicly subsidized credit.

The trade anticipates between 300,000 to 700,000 tonnes of old crop U.S. soybeans and up to 50,000 tonnes of new crop sold for export last week.

CORN prices were lower for the fourth time in its last five sessions.

Counties in central Kansas and southern parts of Missouri, Illinois and Indiana are allowed to plant corn beginning today. Soil temperatures in Kansas City and Indianapolis were at a suitable 13 degrees Celsius.

The trade expects between 900,000 and 1.6 million tonnes of old crop U.S. corn, as well as up to 100,000 tonnes of new crop were sold for export last week.

The U.S. Energy Information Administration reported average daily ethanol production at 1.075 million barrels per day for the week ended March 27, down 41,000 bpd from the previous week. Ethanol stocks fell by 1.179 million barrels at 25.991 million.

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