Glacier FarmMedia — Canola futures on the Intercontinental Exchange ended Monday on a low note, being pressured by the harvest, weaker comparable oils and by the funds shifting from a near record long to going short.
Agriculture and Agri-Food Canada released its September principal field crop estimates on Friday, using Statistics Canada data. The 2025-26 Canadian canola crop was projected at 20.028 million tonnes, although some analysts believe the better-than-normal yields could push production towards 21 million. Exports are to be seven million tonnes with carryout at 2.5 million tonnes.
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Glacier FarmMedia – Canola futures on the Intercontinental Exchange took another step lower in the middle of Monday trading, weakened…
The United States Department of Agriculture attaché in Beijing forecast China to import one million tonnes less canola in 2025-26.
Chicago soyoil, European rapeseed and Malaysian palm oil were lower. Crude oil was down more than US$2 per barrel due to the restart of Iraqi exports and plans by OPEC+ to raise output in November.
Some Canadian markets, including canola, will be closed on Tuesday for the National Day For Truth and Reconciliation.
At mid-afternoon, the Canadian dollar was up more than one-tenth of a U.S. cent compared to Friday’s close.
There were 49,655 canola contracts traded on Monday, compared to Friday when 42,205 contracts changed hands. Spreading accounted for 27,968 of the contracts traded.
United States WHEAT futures were mixed ahead of the U.S. Department of Agriculture’s stocks as of Sept. 1 report, which will be released on Tuesday. The average trade guess is 2.054 billion bushels.
Analysts estimated 2.054 billion bushels of U.S. wheat stocks on average as of Sept. 1.
The small grains summary is also slated to show all wheat production at 1.921 billion bushels, six million below the USDA’s August crop production report.
The USDA reported export inspections of 738,604 tonnes of wheat during the week ended Sept. 25, down 21.4 per cent from the previous week and 33.9 per cent lower from the same week last year. So far this marketing year, 9.537 million tonnes of wheat were shipped, up 15.1 per cent from one year ago.
COCERAL projected the combined 2025-26 European Union and British wheat crops to total 147.4 million tonnes, compared to the June estimate of 143.1 million and last year’s total of 125.6 million, due to favourable weather conditions.
December CORN was in negative territory for the second straight session on Monday.
Analysts expect the USDA to report corn stocks to total 1.336 billion bushels on average.
The USDA reported 1.527 million tonnes of corn were inspected last week, 10.2 per cent above the previous week and 32.9 per cent higher than last year. The marketing year total is 5.097 million tonnes, up 52.1 per cent from the year before.
The USDA also reported private export sales of 135,660 tonnes of corn to Mexico for 2025-26, as well as 110,668 tonnes of corn to unknown destinations.
Crop consultant Dr. Michael Cordonnier lowered his average U.S. corn yield estimate by two bushels per acre at 182. His estimates for Brazil’s and Argentina’s crops were 140 million and 54 million tonnes, respectively.
AgRural reported 32 per cent of the corn crop in south-central Brazil was planted as of Sept. 25. Rains are expected in the forecast for southern parts of Brazil over the next 10 days.
November SOYBEANS were lower on Monday, but traded rangebound as they had done over the past week.
The average trade guess for soybean stocks is 325 million bushels.
The USDA reported 593,956 tonnes of soybeans were inspected, up five per cent from the previous week but down 13 per cent from last year. Marketing year exports are now 2.246 million tonnes, 16.4 per cent above last year and the largest amount in five years.
Cordonnier cut his projected U.S. soybean yield by 0.5 bu./ac. at 52. His production estimates for Brazilian and Argentine soybeans were 173 million and 49 million tonnes, respectively.
AgRural reported that 3.2 per cent of Brazil’s soybean crop was planted, compared to two per cent last year.
