(Reuters) — ICE Canada canola futures dipped on Wednesday following soybeans, as oilseeds came under pressure from improving prospects for the big U.S. soybean crop.
November canola shed $6.10 to $418.40 per tonne. Canola was underpinned by concerns of rain this week slowing the harvest in Western Canada.
U.S. soybean conditions were 72 percent good-to-excellent, up from 70 percent a week ago and 54 percent last year, the U.S. Agriculture Department said on Tuesday.
Statistics Canada will report on Friday the size of crop stocks as of July 31. The trade expects an all-time high of three million tonnes of canola.
Read Also
Alberta Crop Report: Two sides of the same weather coin
Wet weather in the northern half of Alberta and dry weather in the south delayed harvest across the province during the week ended Aug. 19, 2025.
U.S. corn tumbled to a four-year low while soybean futures fell one percent on Wednesday.
Wheat futures also declined sharply, with prices extending losses after no U.S. supplies were offered in a tender to top global importer Egypt. A rising U.S. dollar was also bearish as international buyers can source cheaper grain from other shippers in the European Union and Black Sea region.
“We’re pricing in bigger crops before the next report,” said Global Commodities Analytics analyst Mike Zuzolo, referring to the U.S. Agriculture Department’s monthly supply and demand report due on Sept. 11.
In a report after the close of trading late on Tuesday, USDA increased so-called good-to-excellent ratings for the corn and soybean crops, surprising analysts, who had expected steady ratings.
Brokerages INTL FCStone and Allendale Inc. also boosted yield and production forecasts above the most recent USDA outlook.
Mild summer weather was a boon to the crops, Allendale Inc. analyst Rich Nelson told the Thomson Reuters Global Ag Forum.
“Across the board, the numbers were impressive. This year’s pollination was one of the coolest of the past 30 years,” he said.
Most-active Chicago Board of Trade December corn was down 11 3/4 cents, or 3.2 percent, at US $3.52 per bushel, just above its contract low of $3.51 1/4 reached in the final seconds of the trading session. Corn on a continuous chart fell to US $3.40 1/2 — the lowest level since June of 2010 — and posted the biggest daily declines in two months.
Benchmark November soybeans eased 12 cents to US $10.20, trimming losses after earlier falling to a contract low of $10.12 1/2.
CBOT wheat for December delivery was 19 1/4 cents, or 3.5 percent lower, at US $5.35 3/4, near its earlier contract low of $5.35. On a continuous chart, wheat declined for the third straight session for the worst streak of declines since April of 2013.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014 418.40 -6.10 -1.44%
Canola Jan 2015 424.20 -6.50 -1.51%
Canola Mar 2015 430.40 -6.00 -1.37%
Canola May 2015 433.90 -5.30 -1.21%
Canola Jul 2015 437.40 -4.20 -0.95%
Milling Wheat Oct 2014 197.00 -5.00 -2.48%
Milling Wheat Dec 2014 203.00 -4.40 -2.12%
Milling Wheat Mar 2015 211.00 -4.80 -2.22%
Durum Wheat Oct 2014 250.00 unch 0.00%
Durum Wheat Dec 2014 256.00 unch 0.00%
Durum Wheat Mar 2015 257.00 unch 0.00%
Barley Oct 2014 124.00 -1.00 -0.80%
Barley Dec 2014 126.00 -1.00 -0.79%
Barley Mar 2015 127.00 -1.00 -0.78%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Sep 2014 1080.75 -16.5 -1.50%
Soybeans Nov 2014 1020 -12 -1.16%
Soybeans Jan 2015 1027.5 -12.25 -1.18%
Soybeans Mar 2015 1035 -12 -1.15%
Soybeans Jul 2015 1046.75 -10.75 -1.02%
Soybean Meal Sep 2014 447.2 -2.9 -0.64%
Soybean Meal Oct 2014 363.8 -8.4 -2.26%
Soybean Meal Dec 2014 350.4 -9.6 -2.67%
Soybean Oil Sep 2014 31.73 -0.28 -0.87%
Soybean Oil Oct 2014 31.76 -0.19 -0.59%
Soybean Oil Dec 2014 31.95 -0.17 -0.53%
Corn Sep 2014 341.25 -14.5 -4.08%
Corn Dec 2014 352 -11.75 -3.23%
Corn Mar 2015 365.25 -11.25 -2.99%
Corn May 2015 373.75 -11 -2.86%
Corn Jul 2015 380.5 -11 -2.81%
Oats Sep 2014 362.5 -7.5 -2.03%
Oats Dec 2014 339.25 -7.5 -2.16%
Oats Mar 2015 326.75 -6.5 -1.95%
Oats May 2015 319 -5.75 -1.77%
Oats Jul 2015 318.5 -2.75 -0.86%
Wheat Sep 2014 523.5 -20 -3.68%
Wheat Dec 2014 535.75 -19.25 -3.47%
Wheat Mar 2015 556.5 -17 -2.96%
Wheat May 2015 569.75 -14.25 -2.44%
Wheat Jul 2015 578 -13 -2.20%
Minneapolis
Spring Wheat Sep 2014 624 +5.25 +0.85%
Spring Wheat Dec 2014 610.25 -12.5 -2.01%
Spring Wheat Mar 2015 623.5 -12 -1.89%
Spring Wheat Jul 2015 641.75 -10.75 -1.65%
Kansas City
Hard Red Wheat Sep 2014 600.75 -16.75 -2.71%
Hard Red Wheat Dec 2014 616.75 -15.75 -2.49%
Hard Red Wheat Mar 2015 624.75 -15.75 -2.46%
Hard Red Wheat May 2015 629.5 -15.25 -2.37%
Hard Red Wheat Jul 2015 620.5 -14.5 -2.28%
Light crude oil nearby futures in New York rose $2.66 at $95.54 US per barrel.
The Canadian dollar at noon was 91.97 cents US, up from 91.53 cents the previous trading day. The U.S. dollar at noon was $1.0873 Cdn.
