Glacier FarmMedia -– Canola futures on the Intercontinental Exchange were supported by rising crude oil prices after the United States and European Union imposed new sanctions on Russian oil and gas.
As a result, crude oil gained approximately US$3 per barrel. Chicago soyoil and Malaysian palm oil were up while European rapeseed was mostly higher.
At mid-afternoon, the Canadian dollar was steady compared to Wednesday’s close.
There were 55,776 canola contracts traded on Thursday, compared to Wednesday when 42,135 contracts changed hands. Spreading accounted for 44,214 of the contracts traded.
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Glacier FarmMedia – Canola futures on the Intercontinental Exchange received a boost on Thursday. The United States and the European…
The November and January SOYBEAN contracts on the Chicago Board of Trade hit their highest prices since Sept. 19 on Thursday. The Chicago soy complex rose after the United States and European Union imposed new sanctions on Russian oil and gas.
Following those U.S. sanctions, there were other reports that China could suspend purchases of Russian oil. U.S. and Chinese officials will meet in Kuala Lumpur this weekend to discuss “important issues”.
The International Grains Council trimmed its projected 2025-26 soybean output by one million tonnes at 428 million. Closing stocks would be down four million tonnes at 79 million.
CONAB estimated Brazil’s 2025-26 soybean acreage to increase by 3.5 per cent at 121 million acres, the largest area on record.
Crop consultant Dr. Michael Cordonnier said approximately 25 per cent of Brazil’s soybean crop was planted with the states of Mato Grosso and Parana at 43 per cent and 39 per cent, respectively. Argentina’s soybean planting will start this week. Soybean seeding in both countries is ahead of schedule.
The December CORN contract also reached its highest price since Sept. 19 during its seventh positive session over the last eight.
The IGC left 2025-26 projected corn production unchanged from the previous month at 1.297 billion tonnes. Carryover stocks would increase by five million tonnes at 299 million.
CONAB projected Brazil’s corn acreage to be up four per cent at 56 million acres.
Cordonnier said 30 per cent of Argentina’s projected corn acres were planted.
December Kansas City hard red winter WHEAT contracts had their largest increase on Thursday, while Chicago soft red and Minneapolis spring wheat were close to double-digit gains.
The IGC anticipates world wheat production this marketing year to be at 827 million tonnes, eight million more than its previous estimate. Carryout was also loosened by five million tonnes at 275 million.
StoneX said excess rainfall in northern China is raising concerns with winter wheat seeding, which is set to begin this month. If China is forced to look elsewhere for wheat, it would buy from Argentina and Australia, not the U.S.
