U.S. soy, corn down, while wheat is mixed
By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures were mostly a pinch lower on Thursday, after a good amount of choppy trading. Only the January contract managed to finish higher.
Losses in the Chicago soy complex weighed on canola values, with upticks in MATIF rapeseed and Malaysian palm oil limiting Canadian oilseed’s declines. The vegetable oils were also limited by decreases in crude oil.
Based on reports of larger-than-expected yields, the trade has suggested Canada’s canola harvest is bigger than the 20.03 million tonnes estimated by Statistics Canada last month. That StatCan’s December number could reach or exceed 21 million tonnes.
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Combining across the Prairies is expected to make good progress before the weekend with sunny skies and temperatures from the mid teen degrees Celsius to the low 20s.
Saskatchewan reported its harvest reached 93 per cent complete overall with the province’s canola at 89 per cent done.
Lacklustre exports have weighed on canola, but domestic use is ahead of last year’s pace.
The Canadian dollar was weaker by Thursday afternoon with the loonie falling to 71.30 U.S. cents, compared to Wednesday’s close of 71.67.
There were 67,424 contracts traded on Thursday, compared to 71,785 on Wednesday. Spreading accounted for 45,986 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Nov 616.90 dn 0.10
Jan 631.40 up 0.40
Mar 642.30 dn 0.10
May 652.10 dn 0.40
SOYBEAN futures at the Chicago Board of Trade corrected lower on Thursday, due to lack of firm market data.
With the United States government shutdown continuing, the U.S. Department of Agriculture didn’t publish its monthly supply and demand report today. The trade placed 2025/26 soybean production at 4.27 billion bushels, down from the USDA’s September number of 4.30 billion due to a slight reduction in yields.
Despite the absence of the USDA’s export sales report, the trade still issued its range of estimates. For the week ended Oct. 2, export sales of 2025/26 soybeans were pegged at 600,000 to 1.60 million tonnes, with soymeal at 150,000 to 350,000 tonnes and soyoil at zero to 25,000 tonnes.
Minnesota, as well as North and South Dakota are to get one to two inches of rain by early next week.
Russia estimated an 8.5 per cent increase in the planted area of all its oilseeds in 2025/26.
The Argentine government has prohibited oilseed workers from striking and initiated a mandatory 15-day conciliation period.
CORN futures were lower on Thursday, getting pressure from losses in crude oil.
Estimates weekly export sales of 2025/26 U.S. corn ranged from 1.20 million to two million tonnes.
At 16.63 billion bushels, 2025/26 U.S. corn output is expected by the trade to slip back in October from the USDA’s 16.81 billion last month, based on yields being a pinch smaller than initially thought.
China kept its estimate on its 2025/26 corn production at 296.16 million tonnes and cut its corn imports by one million tonnes at six million.
WHEAT futures were mixed on Thursday, as Minneapolis edged up while Chicago and Kansas City dipped.
Weekly U.S. wheat sales were estimated to be 350,000 to 600,000 tonnes.
Average trade estimated added 36 million bushels to ending stocks of 2025/26 U.S. wheat, now at 880 million.
Russia lowered its projection on planted wheat area for the upcoming crop year by 6.2 per cent at 28.20 million hectares due to declines in wheat prices.
Consultancy Expana added 300,000 tonnes to its estimate of the European Union’s 2025/26 wheat crop, at 136.40 million.
The Rosario Grains Exchange added three million tonnes to their call on the Argentine wheat crop at 23 million.
