Glacier FarmMedia – Canola futures on the Intercontinental Exchange made gains on Wednesday as they underwent a correction after Tuesday’s severe losses.
An analyst said prices were higher as some believed canola futures were oversold while low supply and support from soybeans also underpinned gains.
Much of Saskatchewan and Alberta saw rain and cooler temperatures today. However, Lethbridge was hot and dry. Southern Manitoba saw clear skies and normal temperatures.
At mid-afternoon, the Canadian dollar was up less than one-tenth of a United States cent compared to Tuesday’s close.
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ICE Midday: Canola corrects itself
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were higher on Wednesday as the oilseed recovered some of its…
There were 63,410 canola contracts traded on Wednesday, which compares with Tuesday when 185,805 contracts changed hands. Spreading accounted for 27,828 of the contracts traded.
SOYBEAN futures on the Chicago Board of Trade rose by double digits for the third time in as many sessions as the USDA’s downward shift in its projected acreage for the crop continued to bring support.
The seven-day forecast from the National Oceanic and Atmospheric Administration said growing areas of the United States will see 25 to 75 millimetres of rain, including parts of the Dakotas, Minnesota, Wisconsin and northern parts of Iowa and Illinois.
The trade expects export sales for the week ended Aug. 7 to be between 200,000 to 700,000 tonnes of old crop, as well as 400,000 to 900,000 tonnes of new crop. There would also be between 150,000 and 500,000 tonnes of soymeal bookings as well as up to 22,000 tonnes of soyoil.
Safras and Mercado projected August Brazilian soybean exports at 8.565 million tonnes, down from 11.915 million in July but up from 7.994 million last year.
September CORN made a minor correction on Wednesday after falling on Tuesday due to larger projected area and yield in the USDA report.
The trade estimated 150,000 to 600,000 tonnes of old crop corn export sales last week, with new crop sales at 900,000 to 2.4 million tonnes.
The Energy Information Administration reported ethanol production for the week ended Aug. 8 at 1.093 million barrels per day, up 12,000 from the previous week and up 21,000 from the same week last year. Stocks tightened to their lowest amount since December, down 1.107 million barrels at 22.649 million.
The Buenos Aires Grain Exchange reported Argentina’s corn harvest at 89.3 per cent complete with its production estimate unchanged at 49 million tonnes.
Ukraine’s ag ministry said grain exports as of Aug. 13 were 2.721 million tonnes, including 827,000 tonnes of corn.
Chicago soft WHEAT made small gains on Wednesday, while Kansas City hard red was in negative territory.
Analysts are expecting new crop U.S. wheat export sales to have totaled 400,000 to 850,000 tonnes last week.
The Buenos Aires Grain Exchange reported Argentina’s seeded area for its 2025-26 wheat crop at 6.7 million hectares, up 400,000 from last year, with the crop rated at 99 per cent good to excellent.
SovEcon said Siberia’s largest wheat producing region may see quality concerns with its crop due to heavy rains at harvest time.
Ukraine’s ag ministry said 424,000 tonnes of corn were exported as of Aug. 13.
