Moscow Talks, Canola Reopens and Algeria Wheat: Nov 12, 2026

Trent Klarenbach, BSA AgEc, PAg, founder and lead analyst, Klarenbach Research

U.S. envoys Steve Witkoff and Jared Kushner met Vladimir Putin at the Kremlin today, a day after the Abu Dhabi talks ended with a prisoner exchange agreed and no move to reopen Black Sea trade.

ICE canola reopened after Remembrance Day with January trading at C$778.30 per tonne early Thursday, up C$7.90, as vegetable oils gained overseas on Wednesday.

Algeria bought more than 700,000 tonnes of milling wheat at about US$313 a tonne cost and freight, with Argentina expected to supply much of it.

Witkoff and Kushner landed in Moscow on Thursday morning and are expected to travel to Dublin later in the day to meet Ukrainian President Volodymyr Zelenskyy, ABC News reported. The Kremlin said the meeting with Putin began on Nov 12. Kushner wrote that "significant differences remain" between Russia and Ukraine, and the Abu Dhabi readouts covered security guarantees and European security arrangements, the same report said.

The talks produced no breakthrough on a ceasefire or on reopening Black Sea trade, Total Farm Marketing said. Grain Central's daily market wire said Matif wheat gained 2.49% on Wednesday, and noted that the drone strike on Ust-Luga showed Ukraine can still disrupt Russian exports.

December Chicago wheat rose US$0.06¾ to US$5.99½ a bushel on Nov 11, December Kansas City wheat gained US$0.05¼ to US$6.39½ and December spring wheat added US$0.06¾ to US$6.35½, Pro Farmer reported. The U.S. dollar index rose to a 1.5-year high after a warm U.S. CPI report, which limited buying across grains, the same analysis said.

January canola traded at C$778.30 per tonne at 6:37 AM CST on Nov 12, up C$7.90 from Tuesday's settlement, after reaching C$784.40 overnight, DTN quotes show. March traded at C$788.20, up C$7.20, and May at C$795.90, up C$7.40.

While Winnipeg was closed, Matif rapeseed rose 2.37%, Malaysian palm oil 3.62% and U.S. soybean oil 1.77%, on firmer crude and USDA's cut to world soybean oil stocks to 6.53 million tonnes, Grain Central reported. Palm oil ended six straight sessions of losses after Malaysian inventories rose less than expected, Walsh Trading said.

January soybeans rose US$0.02¾ to US$12.30¾ a bushel on Nov 11 and December corn slipped US$0.01 to US$4.48, Brownfield reported. Analysts expect Conab on Friday to put Brazil's soybean crop at 181.7 million tonnes, Grain Central said, and Anec expects Brazilian soybean exports of 4.37 million tonnes in November, Total Farm Marketing noted.

Algeria's state grain agency OAIC bought more than 700,000 tonnes of milling wheat in its Nov 11 tender, which was announced for a nominal 50,000 tonnes, at an average of about US$313 a tonne C&F, UkrAgroConsult reported. In its Oct 13 tender, OAIC bought about 600,000 tonnes at US$326 to US$326.50. Argentina is expected to supply much of the wheat, with Romania, Bulgaria and the Baltic region among other possible origins, and South American cargoes ship in December.

The Rosario exchange still sees Argentina's 2026/27 wheat crop at 23.8 million tonnes, though rain, cool temperatures and limited sunlight are clouding the harvest outlook, Grain Central said.

On the Prairies, CN and CPKC combined supplied 93% of shipper grain car orders in week 13, up from 90% in week 12 and the fourth straight week at 90% or better, the Ag Transport Coalition reported via SaskToday. CN supplied 90% of orders and CPKC 94%.

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