Increases for U.S. soy, corn, wheat
By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures closed higher on Tuesday, erasing all or most of yesterday’s losses.
Support came from gains in the Chicago soy complex and European rapeseed. Increases in crude oil spilled over into the vegetable oils. The markets in Malaysia are closed for a holiday.
The November canola contract returned above its 20-day moving average, which further underpinned values.
Statistics Canada will release its updated production report on Wednesday. Last month, StatCan estimated this year’s canola harvest at 19.94 million tonnes.
Read Also
Canadian Financial Close: More gains for loonie
By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar pushed higher on Tuesday, as its United States…
Temperatures across the Prairies were forecast to reach mid 20 degrees Celsius. Rain is expected for parts of the eastern half of the region in the next few days, while the western half is to remain dry.
The Canadian dollar was stronger Tuesday afternoon with the loonie rising to 72.74 U.S. cents compared to Monday’s close of 72.44.
There were 42,351 contracts traded on Tuesday, compared to 38,770 on Monday. Spreading accounted for 25,266 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Nov 640.80 up 8.50
Jan 652.70 up 7.90
Mar 663.50 up 7.50
May 672.90 up 7.20
SOYBEAN futures at the Chicago Board of Trade were higher on Tuesday, gleaning spillover from stronger gains in soyoil following yesterday’s impressive crush report.
There’s news that the United States and China could reach a trade deal by Friday.
The national U.S. soybean harvest appeared in the crop progress report for the first time this year, with it at five per cent complete as of Sept. 14, two ahead of the five-year average. However, rain is in the forecast which would slow combining in the northern and southern Plains.
The U.S. Department of Agriculture also rated the crop at 63 per cent good to excellent, a dip of one point from the previous week.
Abiove placed the 2024/25 Brazil soybean harvest at 170.30 million tonnes, projected exports to be 109.50 million and the crush at 58.50 million.
Confusion surrounding Ukraine’s rapeseed exports has pushed into a second week. The backlog is a result of a 10 per cent duty on the country’s rapeseed and soybean exports with issues surrounding customs documents.
France added 100,000 tonnes to its 2025/26 rapeseed crop at 4.6 million tonnes, and more than 19 per cent from last year.
CORN futures were higher on Tuesday, getting support from soy and wheat.
The U.S. corn harvest bumped up three points at seven per cent complete, on par with the average pace. A report said that early yields were below those last year. The crop rated at 67 per cent good to excellent, down one point from a week ago.
France cut its projection on its corn harvest by 300,000 tonnes at 13.60 million, putting it almost eight per cent less than in 2024/25.
WHEAT futures were higher on Tuesday, based on yesterday’s good export inspections report.
The U.S. spring wheat harvest progressed nine points to 94 per cent complete and planting of winter wheat advanced six points at 11 per cent done. Both are two points ahead of their five-year averages.
A report said Indonesia is set to buy 500,000 tonnes of U.S. wheat, with Bangladesh to acquire 250,000 tonnes and Sri Lanka to purchase 100,000 tonnes.
France added 200,000 tonnes to its wheat crop at 33.30 million tonnes, which would be nearly 30 per cent more than in 2024/25. Meanwhile, French farm group AGPB called for the cereal floor price to be raised after 25 years to 170 euros from 101.
The European Union said its cumulative wheat exports at 3.78 million tonnes, down 34 per cent from a year ago.
