Glacier FarmMedia -– Canola futures on the Intercontinental Exchange rose on Tuesday ahead of Canadian Prime Minister Mark Carney’s visit to China.
Trade and agriculture will be two of the topics up for discussion during Carney’s visit. China imposed 100 per cent tariffs of Canadian canola oil and meal, as well as a 75.8 per cent tariff on Canadian canola seed last year.
One analyst doesn’t believe there will be any change to the tariffs, but there is a remote possibility for reductions. Another analyst added that Canada’s exports won’t be enough to sustain canola’s rallies on the markets.
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Glacier FarmMedia – Canola futures on the Intercontinental Exchange were rising in the middle of Tuesday trading, lifted by comparable…
The U.S. Department of Agriculture estimated the Canadian canola carryout for 2025-26 at 3.71 million tonnes in its world oilseed report on Monday, 760,000 more than Agriculture and Agri-Food Canada’s latest estimate. One of the analysts said he expects the actual number to be more than four million tonnes.
Chicago soyoil and European rapeseed were up, but Malaysian palm oil was down. Crude oil was up nearly US$2 per barrel after drones struck oil tankers at a Russian terminal last night.
At mid-afternoon, the Canadian dollar lost one-tenth of a U.S. cent compared to Monday’s close.
There were 70,741 canola contracts traded on Tuesday, compared to Monday when 50,914 contracts changed hands. Spreading accounted for 35,878 of the contracts traded.
SOYBEAN prices dropped further on the Chicago Board of Trade on Tuesday, after losing more than 13 U.S. cents per bushel on Monday due to a larger-than-expected carryout reported by the United States Department of Agriculture.
The USDA said soybean export inspections were 1.529 million tonnes for the week ended Jan. 8. It was the second-largest total this marketing year, 55.4 per cent more than the week before and 12.7 per cent more than one year earlier. China was the top destination at 901,118 tonnes.
U.S. soybean exports in 2025-26 so far total 17.934 million tonnes, 42.7 per cent lower than one year ago.
The USDA also reported a private export sale of 168,000 tonnes of soybeans to China this morning, with another 152,404 tonnes sold to Mexico.
Sinograin auctioned off 1.1 million tonnes of soybeans from Chinese state reserves on Tuesday.
Crop consultant Dr. Michael Cordonnier reported Brazil’s soybean harvest was 0.6 per cent complete, double the pace from last year. His production estimates for Brazil and Argentina were unchanged at 178 million and 49 million tonnes, respectively.
CORN was relatively steady on Tuesday after suffering a major price drop on Monday.
There were 1.49 million tonnes of U.S. corn inspected last week, 12.75 per cent more than the previous week’s total and 3.4 per cent larger than the year before. So far this marketing year, cumulative exports reached 28.43 million tonnes, 60.54 per cent higher than one year ago.
Two South Korean importers purchased a total of 264,000 tonnes of corn last night, with another tender of 140,000 tonnes issued for Wednesday deadline.
WHEAT was mixed as Minneapolis spring wheat eked out a positive session, unlike Chicago soft and Kansas City hard red.
U.S. wheat export inspections totalled 317,465 tonnes last week, up 73.03 per cent from the week before and 2.19 per cent more than a year ago. Marketing year shipments were up 19.23 per cent from last year at 15.58 million tonnes.
Very little precipitation is expected for the U.S. Southern Plains in the coming days, as well as in soft red wheat growing areas.
IKAR projected Russian wheat production at 46.5 million tonnes for 2025-26, compared to its December estimate of 44.1 million.
