By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures found strength on Tuesday, turning around after a series of losses over the last week.
Bargain hunting helped to push canola higher, despite pressure from losses in the Chicago soy complex, MATIF rapeseed and crude oil. Malaysian palm oil was relatively steady.
The January canola still lagged behind its major moving averages.
The United States Department of Agriculture issued its world agricultural production and oilseed reports along with its December supply/demand estimates. The USDA added two million tonnes to its call on 2025/26 Canadian canola production at 22 million tonnes. Last week, Statistics Canada put the canola harvest at 21.80 million tonnes.
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The USDA’s 2025/26 global canola output is now at 95.27 million tonnes, raised three million from its November call. World canola production in 2024/25 was 86 million tonnes.
The Canadian dollar eased back on Tuesday afternoon with the loonie at 72.22 U.S. cents compared to Monday’s close of 72.27.
There were 86,757 contracts traded on Tuesday, compared to 81,740 on Monday. Spreading accounted for 70,286 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Jan 619.90 up 6.20
Mar 631.80 up 5.70
May 643.90 up 5.20
Jul 652.10 up 4.70
SOYBEAN futures at the Chicago Board of Trade were lower on Tuesday, with virtually no changes to soybeans in today’s World Agricultural Supply and Demand Estimates.
The United States Department of Agriculture issued its December supply and demand report, with domestic ending stocks for 2025/26 soybeans kept at 290 million bushels. The average trade guess was an increase to 306 million bushels.
On Monday, the Trump administration announced a US$12 billion aid package for U.S. farmers due to low commodity prices. Of the total, US$11 billion is to cover 20 row crops including soybeans, corn and wheat.
ANEC projected Brazil soybean exports for December to be 3.33 million tonnes, up 520,000 tonnes from its previous estimate.
The Argentine government announced a two-point cut to its soybean export tax at 24 per cent and on products at 22.5 per cent.
CORN futures were higher on Tuesday, following the WASDE.
There were some changes to U.S. corn in the S/D report, with 2025/26 exports increased by 175 million bushels at 3.20 billion. The carryout was cut by 125 million bushels at 2.03 billion, far larger than the nine million predicted.
The Trump administration said it’s considering steep tariffs on imports of Canadian fertilizer as to boost domestic production.
ANEC added two million tonnes to its forecast on Brazil corn exports for December at 6.30 million.
Argentina sliced one point off of its corn export tax at 8.5 per cent.
South Korea bought 132,000 tonnes of corn with no origin announced.
WHEAT futures were mixed on Tuesday, with gains in Minneapolis and Kansas City and small loss in Chicago.
U.S. wheat ending stocks for 2025/26 were held at 901 million bushels compared to projected seven million-bushel drop. Global production was raised by 8.92 million tonnes at 837.81 million due to increased output in the European Union, Russia, India, Canada, Australia and Argentina.
Kansas winter wheat gained four points at 70 per cent good to excellent.
The European Union has exported 10.16 million tonnes of soft wheat so far in 2025/26, down 300,000 tonnes from this time last year.
Coceral estimated the 2026 combined EU and United Kingdom wheat crops at 143.90 million tonnes, down 3.60 million from last year.
Argentina cut its wheat export tax by two points at 7.5 per cent.
