Chicago soybean and corn futures turned higher on Tuesday as a flurry of export sales helped stem market pressure from a fast-moving U.S. harvest and improved planting weather in South America, analysts said.
Canadian canola ending stocks for the 2024-25 marketing year are forecast to be tighter than earlier expectations, according to updated supply/demand estimates from Agriculture and Agri-Food Canada (AAFC), released Oct. 21.
The net fund short position in canola declined for the fourth week in a row in mid-October, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
Chicago wheat futures fell sharply on Friday as rains were expected to benefit global wheat-growing regions, analysts said. A shift in Russian export policies also fuelled concerns that U.S. commercial grain companies will be left holding large supplies of wheat.
Hard red spring wheat bids in Western retreated from their recent highs during the week ended Oct. 17 as a downturn in the United States futures weighed on prices.
Russia is proposing BRICS countries set up a grain exchange that would give Moscow greater control over international prices for its agricultural exports, ahead of a group summit that will be attended by leaders of top global grain producers and buyers.
Despite a lack of activity in the feed grain markets, prices for feed barley and feed grain are trending lower, according to a grain broker from Edmonton.
Chicago Board of Trade corn futures rose on Wednesday after the U.S. Department of Agriculture said exporters reported the biggest daily export sale of the grain in more than a year.