More losses in U.S. soy, corn, wheat
By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures closed weaker on Wednesday, due in part to Statistics Canada’s production update.
StatCan raised its call on the 2025/26 canola harvest to 20.03 million tonnes from 19.94 million last month. An analyst said with the likelihood of better-than-expected yields, canola could reach 21 million tonnes in StatCan’s December report.
The analyst noted China’s absence as an export customer but said the United States could pick up some of the slack with its biofuel regulations.
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Pressure on canola came from declines in the Chicago soy complex, European rapeseed and Malaysian palm oil. Losses in crude oil weighed on the vegetable oils.
Manitoba reported its overall harvest was 50 per cent complete, with canola at 33 per cent done.
While rain is forecast for much of southern Manitoba, the rest of the Prairies are to remain largely dry over the next few days. Temperatures are forecast to be in the low to mid 20 degrees Celsius.
The Canadian dollar was virtually unchanged Wednesday afternoon with the loonie at 72.76 U.S. cents.
There were 44,168 contracts traded on Wednesday, compared to 42,351 on Tuesday. Spreading accounted for 28,690 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Nov 628.10 dn 12.70
Jan 640.30 dn 12.40
Mar 651.70 dn 11.80
May 661.60 dn 11.30
SOYBEAN futures at the Chicago Board of Trade were lower on Wednesday, pulled down by sharp weakness in soyoil.
The United States Environmental Protection Agency proposed changes to its renewable fuel standards that would include reallocating volumes from the small refinery exemptions granted in the previous two years.
Ahead of Thursday’s U.S. export sales report, the trade estimated soybeans at 400,000 to 1.50 million tonnes, soymeal between zero and 400,000 tonnes, and soyoil with net reductions of 5,000 tonnes to net sales of 41,000 tonnes.
ANEC forecast Brazil’s September soybean exports at 7.53 million tonnes, up 100,000 from last week’s estimate.
The clearing of Ukraine’s backlog of rapeseed and soybean exports has started. Exports slowed to small batches after a new 10 per cent export duty led to confusion over the required documents.
Australia announced a 10-year, US$735 million package to stimulate investment in the country’s biofuel industry starting 2028.
CORN futures were lower on Wednesday, as the harvest continued.
Rains stretching from Missouri to North Dakota are forecast for next week.
The U.S. Energy Information Administration reported ethanol production for the week ended Sept. 12, averaged 1.06 million barrels per day, down 55,000 BPD. Ethanol stocks were down 235,000 barrels at 22.60 million.
Estimates for export sales of U.S. corn ranged from 500,000 to 1.90 million tonnes.
ANEC projected Brazil’s September corn exports at 7.12 million tonnes, up 600,000 from last week.
WHEAT futures were down on Wednesday, due to spillover from soybeans and corn.
Traders placed export sales of U.S. wheat at 300,000 to 650,000 tonnes.
France projected its wheat ending stocks at 3.64 million tonnes, down 230,000 from last month. The country’s wheat exports outside of the European Union, were placed at 7.85 million tonnes, up 350,000.
Statistics Canada raised its projection on 2025/26 Canadian all wheat production to 36.62 million tonnes from its previous estimate of 35.55 million. Spring wheat is to account for 26.61 million tonnes, durum for 6.53 million and winter wheat at 3.48 million.
