The Good: U.S. wheat exports sales were strong at 722,800 tonnes which pushed the total crop year exports to 11 million tonnes which is the second fastest pace of export commitments in the past 10 years. The exports during the past week were also strong at 340,800 tonnes fore the week ending on August 7, 2025. The exports were primarily to Mexico, Vietnam and Colombia. Sales during this past week were to South Korea, Mexico and the Philippines. The largest customer for U.S. wheat is Mexico which has bought over 1.8 million tonnes so far this crop year. The Philippines are second largest customer at 1.2 million tonnes. Despite concerns about global market demand for wheat, U.S. exports continue at a strong pace. This should eventually be supportive of wheat prices.
The Bad: The November canola contract dropped by C$5.30 per tonne to settle at C$654.50 per tonne. The canola market was pressured by losses in the soybean market which closed down by 16 to 17 cents per bushel. Even more concerning was a 1.4 cent per pound loss in soybean oil futures with the nearby contract dropping below the 52 cent per pound mark. The losses in canola were lessened by a 0.4 per cent increase in the Matif rapeseed futures contract. Nevertheless, the losses in canola today were bad news for the canola contract.
The Ugly: The December wheat contract pushed down by four cents per bushel to close the day at US$5.92 per bushel. Winter wheat markets closed down by two to four cents per bushel during today’s trading activity. The ugly news is that spring wheat futures dropped to new contract lows today. This means that spring wheat markets are likely to remain at market lows for the next few trading sessions. The spring wheat harvest progress remains behind normal at 16 per cent complete. The ugly news is that the bulk of the harvest pressure is still coming for spring wheat.
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