Glacier FarmMedia — ICE canola futures were stronger on Wednesday, seeing a continuation of Tuesday’s rally.
While optimism over possible movement on trade talks with China remained somewhat supportive, analysts questioned whether the Canadian government would remove its tariffs on Chinese electric vehicles given the auto sector’s importance to vote-rich southern Ontario.
November canola moved above its 20-day moving average, which was supportive from a technical standpoint.
Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher, adding to the firmer tone in canola.
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Canadian Financial Close: C$ steady
Glacier FarmMedia — The Canadian dollar held steady on Wednesday. The Canadian dollar settled at US$0.7120 or US$1=C$1.4045, which…
There were 84,316 contracts traded on Wednesday, which compares with Tuesday when 105,208 contracts changed hands. Spreading accounted for 62,144 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were steady to higher on Wednesday, underpinned by solid domestic crush data.
The National Oilseed Processors Association reported 197.863 million bushels of soybeans were crushed in the United States in September. That marked a new record for the month and was the fourth-largest monthly total ever.
U.S. President Donald Trump said he was considering banning imports of used Chinese cooking oil, providing additional support for soyoil.
CORN was underpinned by speculative short-covering and end-user bargain hunting as prices recovered off the seven-week lows hit on Tuesday.
A lack of significant farmer selling was also supportive, although the advancing harvest tempered the gains.
The lack of data amid the ongoing U.S. government shutdown kept some caution in the market.
WHEAT futures were pressured lower, settling just above their recently hit five-year lows as large world supplies weighed on prices.
Strong export demand is forecast to cut into grain ending stocks in France, according to FranceAgriMer. The farm office cut its call on 2025/26 wheat ending stocks to 2.79 million tonnes, from 3.64 million in September. However, supplies would still be up 12.6 per cent on the year. Projected barley stocks were lowered to 1.94 million tonnes, from 2.19 million, but would still be 71 per cent above the 2024/25 carryout.
