U.S. soybeans rise, as corn, wheat decline
By Glen Hallick, MarketsFarm
Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures closed higher for a second consecutive session on Tuesday.
Support came from an upswing in the Chicago soy complex, especially with soyoil climbing two-thirds of a cent per pound.
An analyst said increases in canola need soyoil to remain above the 50-cent/lb. level. It closed above 51 cents on Tuesday with spillover going into canola.
The analyst also said for canola to sustain an upswing the November contract needs to exceed its 20-day moving average. Today’s activity narrowed that gap to C$4.65 per tonne from about C$6.
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Additional support for canola came from increases in MATIF rapeseed and Malaysian palm oil. Crude oil was narrowly mixed, providing little direction to the vegetable oils.
The Canadian dollar was virtually unchanged on Tuesday afternoon with the loonie at 71.68 U.S. cents.
There were 38,733 contracts traded on Tuesday, compared to 39,060 on Monday. Spreading accounted for 25,220 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola Nov 615.00 up 7.50
Jan 628.10 up 7.70
Mar 639.30 up 7.30
May 649.30 up 6.80
SOYBEAN futures at the Chicago Board of Trade were higher on Tuesday, riding the optimism of the Trump administration to announce this week an aid package for United States soybean growers of US$10 billion to US$15 billion.
The U.S. Department of Agriculture didn’t issue its crop progress report on Monday, due to the federal government shutdown. The trade pegged the soybean harvest at 39 per cent done as of Oct. 5, compared to 19 per cent the previous week.
Also, the market trimmed one point from the soybean rating to 61 per cent good to excellent.
Due to a holiday, the markets in China are closed but will reopen Wednesday.
Brazil reported its September soybean exports tallied 7.34 million tonnes, 20.2 per cent more than a year ago.
The European Union said its cumulative soybean imports for 2025/26 reached 3.28 million tonnes, down 3.8 per cent from the same time last year. Soymeal imports of 4.77 million tonnes were relatively steady from a year ago.
CORN futures were lower on Tuesday, getting pressure from wheat.
The market estimated the U.S. corn harvest at 29 per cent finished, up from 18 per cent last week, and took off one point from the crop rating at 65 per cent good to excellent.
Despite the very strong likelihood of the USDA not issuing its supply and demand report on Thursday, a Reuters survey placed U.S. corn yields at 185 bushels per acre, down 1.7 from September.
Brazil said its September corn exports amounted to 7.56 million tonnes, up 17.8 per cent from a year ago.
WHEAT futures were lower on Tuesday, as the trade estimated placed the planting of U.S. winter wheat at 50 per cent complete versus 34 per cent in the ground last week.
In the absence of Thursday’s S/D report, the Reuters survey put U.S. wheat ending stocks at 875 million bushels, up 31 million from last month.
The EU said its year-to-date wheat exports were 4.96 million tonnes, down 25.2 per cent from a year ago.
