The net fund short position in canola grew in mid-September, as speculative selling took the futures to contract lows, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
Hard red spring wheat bids in Western Canada moved lower during the week ended Sept. 19, as losses in the United States futures and seasonal harvest pressure weighed on values.
Altai on Friday became the fifth Russian region to declare a state of emergency this month due to crop problems caused by extreme weather, saying too much rain had waterlogged the soil.
Chicago corn and wheat futures ticked down on Thursday following lackluster export sales data released by the U.S. Department of Agriculture. Soybeans were dragged along for the ride despite more encouraging numbers, said analysts.
Argentine farmers have begun abandoning some wheat fields due to an extended lack of rainfall in certain parts of its agricultural heartland, the Buenos Aires grains exchange said in a weekly report on Thursday.
The harvest in Saskatchewan advanced 13 points for the week ended Sept. 16, at 74 per cent complete, despite rain in some parts of the province. The pace of combining was eight points behind this time last year, but 11 ahead of the five-year average.
Soybean futures climbed on Wednesday on a round of short covering sparked by concerns over hot, dry weather in top producer Brazil that may threaten soybean seeding, traders said.
As price movement in soybeans on the Chicago Board of Trade continued to be a tussle between dry conditions in Brazil versus pressure from the United States harvest, Sean Lusk, vice-president of Walsh Commercial Hedging in Chicago, suggested not to pay much attention to any trade action China might soon take against U.S. soybeans.