By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures sharply lower on Wednesday as part of the weakness in North American oilseeds.
A trader said there’s little for canola or the Chicago soy complex to build on with China not being an overly active export buyer. The trader added that November canola is likely to drop below C$600 per tonne in the near future, as harvest pressure begins to build.
Along with declines in Chicago soy, there were losses in European rapeseed and Malaysian palm oil. Decreases in crude oil put additional pressure on the vegetable oils.
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By Glen Hallick Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were dropping back on Wednesday morning…
November canola fell further below its moving averages, adding more pressure on the Canadian oilseed’s values. The trader said the Nov could find a floor at C$580 per tonne.
The Canadian dollar was relatively steady Wednesday afternoon with the loonie at 72.49 U.S. cents compared to Tuesday’s close of 72.52.
There were 57,184 contracts traded on Wednesday, compared to 58,408 on Tuesday. Spreading accounted for 38,244 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Canola Nov 616.90 dn 13.40 Jan 628.40 dn 13.90 Mar 639.20 dn 13.80 May 649.00 dn 13.60
SOYBEAN futures at the Chicago Board of Trade were down hard on Wednesday, largely due to a lack of export demand from China.
The United States Department of Agriculture reported the soybean rating lost four points during the week ended Aug. 31 at 65 per cent good to excellent. Soybeans dropping leaves advanced to 11 points, one ahead of its five-year average and soybeans setting pods was on par at 94 per cent.
The USDA reported 204.73 million bushels of soybeans were crushed in July, up 5.9 per cent from a year ago. The year-to-date reached 2.25 billion bushels, rising 6.1 per cent from a year ago.
The department announced a private sale of 185,000 tonnes of 2025/26 soymeal for the Philippines.
Biofuel production in Argentina was forecast to drop 1.2 billion litres in 2025, among the lowest annual production figures the USDA attaché in Buenos Aires said. The attaché added
Germany placed its winter rapeseed harvest at 3.96 million tonnes, up 9.4 per cent from 2024/25.
CORN futures stepped back on Wednesday, on pressure from declines in crude oil and the soy complex.
The condition of U.S. corn dipped two points at 69 per cent good to excellent. Corn mature reached 15 per cent, one point ahead of the five-year average. Corn dented was at 58 per cent, two point behind its average and corn dough was at 90 per cent, one point short of its pace.
The USDA said 455.82 million bushels of corn were used for ethanol production in July, a 5.8 per cent drop from a year ago. The cumulative total hit 4.98 billion bushels, down slightly from a year ago.
WHEAT futures were a pinch lower on Wednesday, lacking fresh news.
The U.S. spring wheat harvest advanced 19 points at 72 per cent complete, one point ahead of its five-year average.
More rain is in the U.S. seven-day forecast with the Southern Plains expected to get one to two inches.
German winter wheat production for 2025/26 was placed at 22.45 million tonnes, a jump of 26.3 per cent from last year. The country’s total grain production is to be 44.73 million tonnes, up 14.8 per cent from 2024/25.
