Glacier FarmMedia — The ICE Futures canola market remained pointed lower on Friday, losing C$25.70 per tonne in the March contract over the week amid a lack of any supportive fundamental news.
- Weekly Canadian canola exports of 57,400 tonnes were down by 80 per cent from the previous week in the latest Canadian Grain Commission data. Crop year-to-date exports at 2.4 million tonnes compare with 4.2 million tonnes at the same point a year ago.
- Losses in the Chicago soy complex accounted for spillover selling pressure. European rapeseed and Malaysian palm oil were also lower.
- Bearish technical signals contributed to the declines, with the move below C$600 per tonne in the most-active March contract encouraging additional speculative selling.
- However, domestic crusher demand underneath the market provided some support, with domestic disappearance through 19 weeks of the 2026/27 marketing year at 4.45 million tonnes in line with the year-ago pace.
- Canola was also looking oversold by some chart measures and managed to settle off its session lows.
- There were 55,160 contracts traded on Friday, which compares with Thursday when 62,980 contracts changed hands. Spreading accounted for 36,690 of the contracts traded.
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ICE canola price slide continues Friday
Glacier FarmMedia — ICE Futures canola contracts continued their downward slide on Friday, as the market lacked any supportive fundamental…
SOYBEAN futures at the Chicago Board of Trade were weaker on Friday, with speculative long liquidation behind some of the activity.
- The United States Department of Agriculture reported flash export sales of 132,000 tonnes of soybeans to China.
- While the sale was welcome, market participants remain doubtful that the U.S. will meet Washington’s target 12 million tonnes.
- Favourable crop weather for soybeans in Brazil and bearish chart signals added to the softer tone.
CORN futures held near unchanged on Friday, although the bias was lower as traders took profits on recent gains.
- Solid export demand remained supportive, with U.S. corn sales running at a record pace.
- Ideas that average U.S. corn yields will be revised lower when the U.S. Department of Agriculture releases updated supply/demand estimates in the New Year were supportive.
WHEAT futures were mixed on Friday, with losses in hard red winter wheat and gains in the other classes as values hovered near contract lows.
- Advancing harvest operations in Argentina and Australia, remained a bearish influence.
- Ongoing peace talks to end the war between Russia and Ukraine also continued to be followed by wheat traders.
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