By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures finished higher on Tuesday, after trading either side of steady for most of the session.
Support for canola came from strong gains in the Chicago soy complex, but losses in MATIF rapeseed and Malaysian palm oil limited the upside. Declines in crude oil weighed on the vegetable oils.
The March canola contract was only a few cents short of its 200-day moving average.
An analyst said there’s no fresh news to give canola a boost above its resistance levels. The analyst noted that basis levels have improved, which indicates demand is good.
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In the USDA’s world oilseed report, it kept its call on 2025/26 Canadian canola production at 22 million tonnes. That’s 200,000 tonnes more than the estimate from Statistics Canada.
The Canadian dollar was higher on Tuesday afternoon, with the loonie at 73.80 U.S. cents compared to Monday’s close of 73.66.
There were 78,435 contracts traded on Tuesday, compared to 75,858 on Monday. Spreading accounted for 55,780 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Mar 667.30 up 1.30
May 678.00 up 2.30
Jul 685.20 up 2.10
Nov 675.20 up 1.30
SOYBEAN futures at the Chicago Board of Trade were stronger on Tuesday, with increases before and after today’s report.
The United States Department of Agriculture issued its February supply and demand estimates, with 2025/26 soybean ending stocks holding at 350 million bushels, two million more than the average trade guess. The carryover for soyoil held at 1.72 billion pounds and that for soymeal remained at 450,000 short tons.
The carryout for global soybeans was bumped up by 1.10 million tonnes at 125.51 million. Production for Argentina was held at 48.50 million tonnes while that for Brazil was raised by two million tonnes at 180 million.
Soybean and Corn Advisor kept its calls on Brazilian and Argentine soybean production at 179 million and 47 million tonnes, respectively
France upped its forecast on planted winter rapeseed area by 30,000 hectares at 1.37 million, which makes it eight per cent more than last year and 11.6 per cent above the five-year average.
CORN futures were relatively firm on Tuesday, as losses in crude oil hold off support from soy.
U.S. corn ending stocks for 2025/26 dipped 100 million bushels at 2.13 billion, as opposed to the trade having called for an increase to nearly 2.22 billion.
The S/D came out just as skepticism towards the accuracy of the USDA’s corn acreage data has become an issue. The department has launched an internal investigation as to how it arrived at 98.8 million planted corn acres and 91.3 million harvest acres. Traders, analysts and farmers point to deep staff cuts as to why.
The 2025/26 world corn carryout dipped 1.93 million tonnes at 288.98 million. Corn output for Argentina and Brazil were kept at 53 million and 131 million tonnes, respectively.
Soybean and Corn Advisor maintained its forecast on Brazilian and Argentine corn production at 137 million and 53 million tonnes, respectively.
WHEAT futures were mixed on Tuesday, with losses in Chicago and Minneapolis but upticks in Kansas City.
U.S. wheat ending stocks were raised five million bushels to 931 million, compared the trade calling for a drop to 918 million bushels. The global carryover was trimmed by 740,000 tonnes at 277.51 million, versus the trade expecting an increase to 278.60 million tonnes.
The European Union reported its cumulative soft wheat exports reached 13.43 million tonnes which is 260,000 tonnes ahead of a year ago.
France nudged up its planted winter wheat area by 30,000 hectares at 4.59 million, two per cent more than last year and close to the five-year average.
Ukrainian farmer union UAC said only 27,000 tonnes of wheat have been exported so far in February out of 700,000 contracted tonnes. The UAC said Russian attacks on ports, blackouts and corn being given priority explained why wheat shipments have been so low.
APK-Inform reduced its call on Ukrainian wheat exports for 2025/26 by 2.20 million tonnes at 14.50 million. The consultancy hiked its projection on total grain ending stocks by 4.70 million tonnes at 11.50 million.
