Glacier FarmMedia -– Canola futures erased earlier gains to end Friday in the red after declines in United States grains and oilseeds carried over into canola.
An analyst said that if January canola stayed above C$650 per tonne for the entire session, it would build up a “base of resistance”. However, he also warned the contract was slightly overbought.
The Canadian Grain Commission reported canola exports for the week ended Nov. 9 were 121,200 tonnes, down from the previous week’s 188,400. The year-to-date total reached 1.54 million tonnes, compared to 3.36 million the same time last year.
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Chicago soyoil and European rapeseed were down and Malaysian palm oil was mixed. Crude oil gained more than US$1 per barrel after Ukrainian drones attacked a major Russian oil depot last night.
At mid-afternoon, the Canadian dollar was up less than one-tenth of a U.S. cent compared to Thursday’s close.
There were 43,882 canola contracts traded on Friday, compared to Thursday when 57,401 contracts changed hands. Spreading accounted for 22,480 of the contracts traded.
The United States Department of Agriculture released its November supply and demand estimates on Friday after the October report was cancelled due to the U.S. government shutdown.
December CORN lost more than 11 cents per bushel on the Chicago Board of Trade on Friday as the USDA’s yield and production estimates weren’t trimmed as much as anticipated.
The USDA projected 2025-26 corn ending stocks at 2.154 billion bushels, up from 2.110 billion in September and well above 1.532 billion in 2024-25. The estimated average yield was 186 bushels per acre, down from 186.7 in September but up from 179.3 last year.
World corn ending stocks were estimated at 281.34 million tonnes, down from 281.40 million in September and down from 291.66 million last year.
The USDA also released a backlog of flash sale announcements from Oct. 1 to Nov. 12, with 4.915 million tonnes reported as large sales exceeding 100,000 tonnes. Of that, 4.367 million were for 2025-26 and 548,640 tonnes were for 2026/27.
FranceAgriMer reported France’s corn harvest at 96 per cent complete, up five points from last week.
January SOYBEANS lost more than 22 cents in a session as yield and production estimates weren’t as low as many analysts had predicted.
Ending stocks for 2025-26 U.S. soybeans were pegged at 290 million bushels, compared to 300 million in September and 316 million last year. The average yield estimate declined 0.5 bu./ac. from September at 53. The average yield for 2024-25 was 50.7.
World soybean ending stocks were down two million tonnes from September at 121.99 million. Last year’s ending stocks were 123.34 million tonnes. Brazil’s and Argentina’s production estimates were left unchanged at 175 million tonnes and 48.5 million tonnes, respectively.
Large daily export sales since Oct. 1 totaled 1.348 million tonnes, including 616,000 tonnes to unknown destinations and 332,000 to China.
Ahead of the National Oilseed Processors Association’s October crush report on Nov. 17, analysts estimated the soybean crush at 209.522 million bushels, which would be the largest monthly crush on record. Stocks were also projected to be 1.257 billion pounds.
Increased estimates for production and yield caused WHEAT prices to drop after the USDA report.
Ending stocks for U.S. wheat were projected to be 901 million bushels, up from 844 million in September and 851 million last year. The average yield was estimated at 53.3 bu./ac., up from 52.7 in September and 51.2 last year.
World ending stocks for wheat were 271.43 million tonnes, well above the 264.06 million projected in September. Last year’s carryout was 261.44 million.
The USDA reported 110,000 tonnes of white wheat were sold to Bangladesh on Oct. 2.
FranceAgriMer estimated the country’s wheat ending stocks to be 2.83 million tonnes, up 40,000 from its previous estimate. France’s soft wheat crop was rated 98 per cent good to excellent, unchanged from last week. Soft wheat planting was 89 per cent complete, compared to 79 per cent the week before. Parts of the U.S. Southern Plains are expected to see between 25 to 100 millimetres of rain next week.
