Glacier FarmMedia – Canola futures on the Intercontinental Exchange extended their rally on Thursday, supported by vegetable oils and the Chicago soy complex.
Chicago soybeans gained 20 cents per bushel, while soyoil was steady. European rapeseed was up, while Malaysian palm oil was down. Crude oil lost nearly US$2 per barrel after the United States and Iran announced talks in Oman starting Friday.
An analyst said that March canola surpassing C$660 per tonne would be critical for support from a chart standpoint. Also, the analyst warned of selling action as U.S. soybeans exceeded US$11 per bushel.
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ICE Midday: Canola remains positive
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were slightly higher in the middle of Thursday trading amidst mostly…
At mid-afternoon, the Canadian dollar lost less than one-tenth of a U.S. cent compared to Wednesday’s close.
There were 70,710 canola contracts traded on Thursday, compared to Wednesday when 48,679 contracts changed hands. Spreads accounted for 43,478 contracts in today’s trade.
SOYBEANS added at least 20 United States cents per bushel for the second straight day on the Chicago Board of Trade on Thursday. The market is still riding U.S. President Donald Trump’s post claiming that China will purchase 20 million tonnes of soybeans this season.
On Wednesday, 930,000 soybean contracts were traded on the CBOT, breaking the one-day record.
The U.S. Department of Agriculture’s export sales report showed 436,949 tonnes of soybeans were sold during the week ended Jan. 29, on the lower end of trade estimates.
Soymeal export sales were in the middle of trade estimates at 380,335 tonnes, while soyoil sales totaled 963 tonnes.
CORN prices rallied for the third consecutive session on Thursday.
The USDA reported that 1.04 million tonnes of corn were sold for export last week, close to the lower end of trade expectations.
Chicago soft WHEAT saw the largest gains out of the three major U.S. wheat varieties, seeing its largest positive move in eight days.
U.S. wheat export sales totaled 373,877 tonnes last week, near the lower end of trade expectations.
Meanwhile, 41,000 tonnes of 2026-27 U.S. wheat were also sold for export.
Russia’s ag ministry reported 93 million tonnes for its 2025 wheat crop, which included Russian-held territories of Ukraine. It estimated its 2026 wheat crop to total 83 million tonnes.
