Glacier FarmMedia — The ICE Futures canola market continued lower on Thursday, lacking any supportive news to counter the bearish momentum.
- Losses in the Chicago soy complex accounted for some spillover selling pressure, with European rapeseed also lower on the day.
- Large supplies and a lack of significant export demand from China continue to overhang the market.
- Agriculture and Agri-Food Canada raised their estimate for 2025/26 canola ending stocks to 2.950 million tonnes, from 2.500 million in November and the year ago level of 1.597 million tonnes.
- The March canola contract neared the psychological C$600 per tonne mark but managed to settle just above that level with oversold price sentiment providing some support.
- Domestic crusher demand and end-user bargain hunting also underpinned the market.
- There were 62,980 contracts traded on Thursday, which compares with Wednesday when 55,015 contracts changed hands. Spreading accounted for 33,796 of the contracts traded.
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Glacier FarmMedia — ICE Futures canola contracts fell to fresh nine-month lows on Thursday, lacking any supportive news to slow…
SOYBEAN futures at the Chicago Board of Trade were weaker on Thursday, extending their losses from earlier in the week.
- The United States Department of Agriculture reported flash export sales of 114,000 tonnes of soybeans to unknown destinations.
- Uncertainty over Chinese demand, speculative long liquidation and large global supplies all weighed on prices.
- Bearish chart signals contributed to the declines, with soybeans trading at fresh two-month lows.
CORN futures were higher, underpinned by solid export demand.
- The USDA reported export sales of about 1.8 million tonnes during the week ended Nov. 27 as they continue to catch up with releases following the government shutdown.
WHEAT futures corrected off nearby contract lows, with speculative short covering a feature. The gains came despite soft export demand and increasing harvest pressure from the Southern Hemisphere.
- Harvest operations are advancing in Argentina and Australia, with those supplies cutting into the demand for U.S. wheat internationally.
- Ongoing peace talks to end the war between Russia and Ukraine also continued to be followed by wheat traders.
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Source: MarketsFarm (Phil Franz-Warkentin, [email protected], or 204-414-9084)
