By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures close higher on Thursday but stepped back from exceeding their resistance levels.
Resistance for the March and May contacts are seen as being C$670 and C$680 per tonne, respectively.
News that China extended its investigation into alleged canola dumping by Canada to March 9, and that the findings are to fair and final, found traction in the market.
Canola was also pushed higher by gains in the Chicago soy complex and MATIF rapeseed, while losses in Malaysian palm oil tempered the upswing. Sharp declines in crude weighed on the vegetable oils.
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The May canola contract also held above its 200-day moving average.
There have been concerns in the canola market that the Canadian oilseed could be getting too expensive and may deter much needed exports to China. That’s further compounded by this year’s record canola harvest.
The Canadian dollar was lower on Thursday afternoon, with the loonie at 73.46 U.S. cents compared to Monday’s close of 73.67.
There were 98,783 contracts traded on Thursday, compared to 134,268 on Wednesday. Spreading accounted for 74,262 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Mar 667.80 up 5.10
May 679.20 up 5.10
Jul 688.10 up 5.20
Nov 680.00 up 5.10
SOYBEAN futures at the Chicago Board of Trade were stronger on Thursday, following news that United States President Donald Trump will visit China during the first week of April. Trump will meet with Chinese President Xi Jinping to discuss a number of matters, including trade.
The U.S. Department of Agriculture released its export sale report for the week ended Feb. 5. Old crop soybean sales fell to a marketing year low of 281,800 tonnes. That was a little short of the low end of trade expectations.
U.S. soymeal sales 357,000 tonnes and soyoil came to 2,100 tonnes, with both meeting market guesses.
The USDA announced a private sale for 108,000 tonnes of old crop soybeans to Egypt.
Conab raised its call on the Brazil soybean harvest by 1.86 million tonnes at 177.98 million due to better than expected yields. The soybean harvest was more than 17 per cent finished.
The Rosario Grains Exchange added one million tonnes to its forecast on the 2025/26 Argentine soybean crop, now at 48 million.
CORN futures were higher on Thursday, on spillover from soy and wheat, but those gains were capped by sharp losses in crude oil.
At 2.07 million tonnes, strong export sales of old crop U.S. corn far exceeded trade projections.
Conab cut a net 420,000 tonnes for its estimate on Brazil’s 2025/26 corn crop at 138.45 million.
WHEAT futures were higher on Thursday, with strong gains in Chicago and Kansas City.
U.S. wheat sales came to 488,000 tonnes of old crop were near the high end of market projections.
Consultancy Expana chopped 1.20 million tonnes off of its call on 2025/26 European Union soft wheat exports at 27.60 million. Also, Expana reduced its estimate on EU soft wheat production by 300,000 tonnes at 128.30 million.
