Glacier FarmMedia – Canola futures on the Intercontinental Exchange finally found strength on Monday after a lengthy downturn that lasted for most of December.
An analyst said canola’s bounce back may be the result of lighter trading going into the holiday season.
Crude oil gained more than US$1 per barrel on Monday after the White House announced the seizure of a Venezuelan oil tanker on the weekend while also pursuing another. The higher prices were also supportive for vegetable oils.
Chicago soyoil, European rapeseed and Malaysian palm oil moved upward.
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ICE Midday: Canola bounces back ahead of winter holidays
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were continuing to rebound in the middle of Monday trading after…
At mid-afternoon, the Canadian dollar gained three-tenths of a U.S. cent compared to Friday’s close.
There were 73,279 canola contracts traded on Monday, compared to Friday when 55,160 contracts changed hands. Spreading accounted for 45,944 of the contracts traded.
SOYBEANS saw a reprieve from its three-week downturn at the Chicago Board of Trade on Monday, supported by recent Chinese buying.
The United States Department of Agriculture announced today a private export sale of 396,000 tonnes of soybeans to China, with 330,000 tonnes delivered later this marketing year and the rest to be shipped in 2026-27.
U.S. soybean export inspections totalled 870,199 tonnes during the week ended Dec. 18, up 7.4 per cent from the week before but 51 per cent below the same week last year, said the USDA. Marketing year exports are at 14.584 million tonnes, 46 per cent lower than one year ago.
China’s November soybean imports included 5.85 million tonnes from Brazil and 1.78 million from Argentina. Both countries accounted for 93.9 per cent of China’s total soybean imports during the month.
AgRural estimated the Brazilian soybean crop at 180.4 million tonnes, up 1.9 million from its previous estimate.
All three U.S. WHEAT varieties saw their prices rise as they work their way back to highs from the previous two weeks.
U.S. wheat exports were at 623,447 tonnes last week, up 28.2 per cent from last week and up 46.8 per cent from last year. Marketing year shipments totalled 14.75 million, up 22.9 per cent from last year.
The U.S. Southern Plains will see warmer than normal temperatures with highs exceeding 15 degrees Celsius. In Oklahoma, 36 per cent of its winter wheat crop is in areas under drought.
Russia carried out attacks on Ukrainian port infrastructure in the Odesa region last weekend in retaliation to Ukraine striking Russian crude oil facilities.
The Buenos Aires Grain Exchange projected Argentina’s wheat crop at 27.1 million tonnes, up 1.6 million from its previous estimate.
Algeria issued a tender for 50,000 tonnes of durum wheat.
March CORN moved upward for the third time in four sessions.
The USDA reported 1.744 million tonnes of corn were exported last week, up 8.7 per cent from last week and 52.1 per cent more than last year. Marketing year shipments totalled 24.27 million tonnes, up 67.6 per cent from the previous year.
Safras and Mercado estimated Brazil’s 2025-26 corn crop at 142.88 million tonnes, 680,000 less than its previous estimate. Its safrinha corn crop projection was trimmed down to 101.79 million.
