By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures closed higher on Monday, gleaning support from a sharp hike in Chicago soyoil.
MATIF rapeseed was mixed and Malaysian palm oil was relatively firm, with both providing little direction to canola. Pressure came from losses in Chicago soybeans and soymeal. Increases in crude oil attempted to underpin the vegetable oils.
Rolling out of the nearby March contract was also a feature.
An analyst said the March and May canola contracts are in good positions.
Read Also
ICE Canola Midday: Sitting in a good position
By Glen Hallick Glacier FarmMedia – Canola futures on the Intercontinental Exchange remained higher late Monday morning, getting support from…
“With a reasonable basis attached to it (that’s) a pretty darn good price,” he said.
The March contract finished a couple of dollars short of its 200-day moving average.
The United States Department of Agriculture is scheduled to release its supply and demand estimates on Tuesday at 11 a.m. CST. The analyst said it’s unlikely this report will be a major market mover and won’t have much affect on canola prices.
The Canadian dollar was stronger on Monday afternoon, with the loonie at 73.75 U.S. cents compared to Friday’s close of 73.27.
There were 75,858 contracts traded on Monday, compared to 52,745 on Friday. Spreading accounted for 69,014 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Mar 665.70 up 4.90
May 675.70 up 4.60
Jul 683.10 up 5.70
Nov 673.90 up 5.30
SOYBEAN futures at the Chicago Board of Trade were lower on Monday, however there was a strong upswing in soyoil.
The United States Department of Agriculture announced a private sale for 264,000 tonnes of 2025/26 soybeans to China. It’s not known if this purchase was part of the additional eight million tonnes of soybeans President Donald Trump said China is to acquire on top of the 12 million it has reportedly bought.
Soybean export inspections for the week ended Feb. 5 were 1.14 million tonnes versus 1.32 million the previous week. The year-to-date inspections came to 23.14 million tonnes compared to 35.29 million this time last year.
The USDA is scheduled to release its monthly supply and demand estimates on Tuesday. Analysts projected U.S. soybean ending stocks to nudge up one million bushels at 351 million.
Also, it’s expected the USDA will raise its estimate on Brazilian soybean production by 1.8 million tonnes at 179.8 million and to trim its call on Argentine soybeans by 200,000 tonnes at 48.3 million.
Michael Cordonnier of Soybean and Corn Adviser left his forecast on the Brazil soybean production at 179 million tonnes and cut one million tonnes from his projection on Argentine soybeans at 48 million.
AgRural placed the Brazilian soybean harvest at 16 per cent complete as of Thursday, one point ahead of a year ago.
CORN futures eased back on Monday, pulled lower by soybeans and winter wheat.
U.S. corn inspections came to 1.31 million tonnes compared to 1.15 million last week. Cumulative inspections reached 33.93 million tonnes versus 23.13 million a year ago.
Ending stocks for 2025/26 U.S. corn are to remain relatively stable at 2.24 billion bushels.
AgRural pegged the harvest of the first Brazilian corn crop at 15 per cent complete, four points behind this time last year. The planting of the second crop was 22 per cent done, two points ahead of a year ago.
Cordonnier kept his estimate on total Brazilian corn output at 137 million tonnes and trimmed one million tonnes on Argentine corn at 53 million.
WHEAT futures were mixed on Monday, with a slight uptick in spring wheat and small declines in the winter wheats.
Inspections of U.S. wheat improved to 580,130 tonnes, as opposed to 330,512 last week. Cumulative export shipments reached 17.33 million tonnes compared to 14.64 million tonnes a year ago.
The U.S. wheat carryover is to dip nine million bushels at 915 million. Global ending stocks are to shift slightly to 278.20 million tonnes.
