Glacier FarmMedia -– Canola futures on the Intercontinental Exchange were lower in Monday trading amidst mixed sentiment in comparable oils. However, the January contract remained above its 20-day average.
Chicago soyoil was up, while European rapeseed and Malaysian palm oil were down. Crude oil was higher due to tensions between the United States and Venezuela, as well as the decision by OPEC+ to maintain planned output cuts in the first quarter of 2026.
An analyst said he expects sideways trade for canola throughout the month unless there is news on the way regarding canola or soybeans.
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Glacier FarmMedia – Canola futures on the Intercontinental Exchange were lower in the middle of Monday trading, with the January…
Statistics Canada will release its principal field crop estimates on Dec. 4, with many observers expecting canola production to be greater than the 20.03 million tonnes estimated in September.
ABARES raised its 2025-26 Australian canola production estimate by 800,000 tonnes at 7.2 million, up from 6.4 million the previous year and up 50 per cent from the 10-year average.
At mid-afternoon, the Canadian dollar was down less than one-tenth of a U.S. cent compared to Friday’s close.
There were 58,283 canola contracts traded on Monday, compared to Friday when 34,542 contracts changed hands. Spreading accounted for 40,126 of the contracts traded.
March CORN’s three-day rally came to an end on Monday while still hanging on above its 20-day average.
The United States Department of Agriculture reported that 1.421 million tonnes of corn were inspected for export during the week ended Nov. 27, nearly 50 per cent above the same total last year but down 16.2 per cent from the previous week. So far this marketing year, 18.97 million tonnes were shipped, 70.7 per cent above last year.
A cold front moved through the United States Midwest with today’s high temperatures in St. Louis and Kansas City expected to be below freezing.
Ag Rural reported that Brazil’s first corn crop was 99 per cent planted as of Nov. 27, up two points from last year’s pace.
Argentina raised its biofuel prices for the domestic market, with corn-based bioethanol up five per cent at 883.5 pesos or 60.9 U.S. cents per litre.
January SOYBEANS also saw its first negative session over its last four, dropping below its 20-day average.
The USDA reported soybean export shipments at 920,194 tonnes last week, down 56.4 per cent from the same week last year and up 13.8 per cent from the previous week. Marketing year exports totaled 11.87 million tonnes, down 45.6 per cent from last year due to a lack of Chinese buying.
The six-to-10 day weather forecast predicted southern Brazil, northern Argentina and Uruguay to see below-normal precipitation.
Ag Rural estimated the Brazilian soybean crop to be 89 per cent planted, down four points from last year’s pace. Safras and Mercado’s estimate was 88 per cent as of Nov. 28.
The March contracts for both Chicago soft and Minneapolis spring WHEAT were below their respective 50-day averages, while Kansas City hard red dipped under its 20-day average.
Export inspections for U.S. wheat were 384,881 tonnes last week, down 19.9 per cent from the previous week and 28.9 per cent less than the same week last year. Marketing year shipments were up 20 per cent at 13.23 million tonnes.
Argus estimated Russia’s 2026-27 wheat crop to total 86.5 million tonnes, down 1.9 million from its previous estimate but in line with the five-year average.
ABARES raised its 2025-26 Australian wheat production estimate by 1.8 million tonnes at 35.6 million. The total would be above the previous year’s output at 34.1 million, 29 per cent above the 10-year average and would be the third-largest wheat crop on record.
Reuters reported that Ukraine could grow up to 26 million tonnes of wheat in 2026.
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