Canola closed lower as American soybeans pulled back after cool temperatures and rain provided a prospect of yet high yields in the Midwest and Great Plains states.
Canola was down $4.40, settling in a $507.50 per tonne on the November contract.
United States Department of Agriculture is projecting that Brazil will plant a record 90 million acres of soybeans in the coming season, up 3.2 percent from last year and garnering a potential 4.5 billion bushel crop. That might also be shedding a shadow on soybean prices.
Wheat on Chicago markets saw lower numbers as well, due to Russian optimism about the harvest, which is wrapping up in the south and underway in the north. Previous discussions about the potential for Russian export restrictions of the crop appear to have been cast into the past for now.
News about Ukraine’s wheat harvest, now all but complete, being above 920 million bushels, about nine percent lower than last year, also pushed down on American wheat markets.
Russian harvest prospects are estimated to be off of last year’s record production by 25 percent.
United States Department of Agriculture suggests that the American spring wheat crop is now 60 percent complete, ahead of the five-year average of 45 percent at this point in the season. This puts the prospect of lower quality production due to harvest delays mostly out of the picture this year. Winter wheat harvest is estimated to be 97 percent complete.