U.S. Soybean Export Inspections Up From Last Week

WINNIPEG, Manitoba--Intercontinental Exchange canola futures continued lower, abetted by a larger-than-expected canola crop and declines in comparable oils.

Last week, Statistics Canada pegged the canola harvest at a record 21.80 million metric tons, just as the market copes with little to no exports to China.

"The canola carryout is going to be crazy," an analyst said Monday, warning that StatCan could raise its production estimate come summer.

The nearby canola contracts could sink to lows not seen since China imposed their tariffs on the oilseed earlier this year, a trader said.

The Chicago soy complex and Malaysian palm oil were down, while MATIF rapeseed tacked on small gains. Weakness in crude oil weighed on the vegetable oils.

On Tuesday, the U.S. Agriculture Department is scheduled to release its next supply and demand report, including its world oilseed report.

The Canadian dollar was slightly higher at 72.25 U.S. cents, compared to Friday's close of 72.15.

Approximately 43,850 canola contracts traded as of 11:31 a.m. EST.

Prices are in Canadian dollars per metric ton:

Contract Price Change

 
   Jan      611.00 dn 6.90 
   Mar      624.10 dn 7.00 
   May      637.00 dn 6.80 
   Jul      645.90 dn 6.50 
 

Source: MarketsFarm, news@marketsfarm.com

By Nate Wolf

Shares of Air Products & Chemicals fell sharply Monday after the world's largest hydrogen supplier said it was in talks with ammonia company Yara International to form a production and distribution partnership.

The collaboration would encompass two ongoing projects. First, Yara would acquire the ammonia facilities at Air Products' low-carbon energy complex in Louisiana for an estimated $8 billion to $9 billion. In turn, Air Products would supply 80% of the hydrogen to Yara to support its ammonia production under a 25-year agreement.

The second prong of the agreement would be the NEOM Green Hydrogen Project in Saudi Arabia, which is expected to begin commercial production in 2027. Air Products and Yara plan to reach an agreement in which Yara would sell the ammonia not sold by Air Products on a commission basis.

Air Products stock dropped 7.5%, making it the worst performer in the S&P 500 on the day. Monday was the stock's largest single-day decline since Feb. 5, 2024, according to Dow Jones Market Data.

The two companies explained the partnership as a way to "meet increasing demand for low-emission ammonia in the coming years." Air Products produces hydrogen and ammonia at scale, while Yara is the world's largest trader and shipper of ammonia.

Investors likely want to see the details of the agreements, though, to understand the benefits each side will realize and the risks they will assume.

Norway-traded shares of Yara closed trading up 0.9% on Monday.

Write to Nate Wolf at nate.wolf@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

Tomorrow's WASDE report from the USDA is expected to show updated ending stock figures for the 2025/26 marketing year. In a survey performed by The Wall Street Journal, U.S. ending stocks of corn are expected to rise 12 million bushels to 2.17 billion bushels, while soybean stocks look to rise 19 million bushels to 309 million bushels. Surveyed analysts also forecast that wheat stocks are expected to decline 8 million bushels to 893 million bushels. Analysts say that any updates to export sales projections may be the biggest thing that the market reacts to. CBOT corn is up 0.1% in morning trade, soybeans fall 0.9%, and wheat slides 0.3%. (kirk.maltais@wsj.com)

Source: CME Group 
DECEMBER 2025 COMEX 100 GOLD FUTURES 
INTENT DATE:   12/05/2025          DELIVERY DATE: 12/09/2025 
 
FIRM    ORG   FIRM NAME                   ISSUED     STOPPED 
072      C    GOLDMAN                                      1 
092      C    DEUTSCHE BANK                               43 
099      H    DEUTSCHE BANK AG                            17 
118      C    MACQUARIE FUTURES US                         4 
132      C    SG AMERICAS                                  3 
190      H    BMO CAPITAL MARKETS            495 
332      H    STANDARD CHARTERED B                       150 
363      C    WELLS FARGO SECURITI                         1 
363      H    WELLS FARGO SECURITI                        62 
435      H    SCOTIA CAPITAL (USA)                        51 
661      C    JP MORGAN SECURITIES                       139 
686      C    STONEX FINANCIAL INC                         1 
690      C    ABN AMRO CLR USA LLC             3 
709      C    BARCLAYS                                     4 
732      H    RBC CAP MARKETS                              4 
737      C    ADVANTAGE FUTURES                            1 
880      H    CITIGROUP                                    6 
905      C    ADM                                         11 
                            TOTAL:           498         498 
                    MONTH TO DATE:                    27,151 
 
 
 
Write to Linda Rice at csstat@dowjones.com 
 

Source: CME Group 
DECEMBER 2025 COMEX 5000 SILVER FUTURES 
INTENT DATE:   12/05/2025          DELIVERY DATE: 12/09/2025 
 
FIRM    ORG   FIRM NAME                   ISSUED     STOPPED 
099      H    DEUTSCHE BANK AG                             4 
118      H    MACQUARIE FUTURES US                         3 
167      H    MAREX                                        1 
435      H    SCOTIA CAPITAL (USA)                         1 
555      H    BNP PARIBAS SEC CORP                         1 
624      H    BOFA SECURITIES                              6 
661      C    JP MORGAN SECURITIES                        43 
661      H    JP MORGAN SECURITIES            34 
732      C    RBC CAP MARKETS                 28 
732      H    RBC CAP MARKETS                              5 
905      C    ADM                              2 
                            TOTAL:            64          64 
                    MONTH TO DATE:                    10,259 
 
 
 
Write to Linda Rice at csstat@dowjones.com 
 

Source: CME Group 
DECEMBER 2025 PALLADIUM FUTURES NYMEX 
INTENT DATE:   12/05/2025          DELIVERY DATE: 12/09/2025 
 
FIRM    ORG   FIRM NAME                   ISSUED     STOPPED 
118      C    MACQUARIE FUTURES US                         1 
657      H    MORGAN STANLEY                               3 
661      C    JP MORGAN SECURITIES                         4 
690      C    ABN AMRO CLR USA LLC            11           2 
880      C    CITIGROUP                                    1 
                            TOTAL:            11          11 
                    MONTH TO DATE:                       504 
 
 
 
 
Write to Linda Rice at csstat@dowjones.com