Glacier FarmMedia – Canola futures on the Intercontinental Exchange ended a choppy session on Wednesday, finishing lower on mixed sentiment in comparable oils.
Chicago soyoil and Malaysian palm oil were down while European rapeseed was up. Crude oil gained more than US$1 per barrel on reports of a weekly draw in United States crude oil and gasoline stockpiles.
An analyst said estimates for this year’s Canadian canola crop are leaning towards 22 million tonnes, raising concerns for growers of the oilseeds as they search for buying opportunities to replace the Chinese market.
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ICE Midday: Canola leans to the positive
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were slightly higher on Wednesday with mixed sentiment in comparable oils….
At mid-afternoon, the Canadian dollar was up more than one-tenth of a U.S. cent compared to Tuesday’s close.
There were 42,135 canola contracts traded on Wednesday, compared to Tuesday when 62,589 contracts changed hands. Spreading accounted for 30,354 of the contracts traded.
The December Minneapolis spring WHEAT contract bounced off its contract low on Wednesday, while Kansas City hard red and Chicago soft had their first positive sessions since Oct. 17.
Eastern parts of the United States Southern Plains will see 25 to 75 millimetres of rain over the next week, which includes winter wheat growing areas. However, winter wheat fields in the western Southern Plains will become drier in the next 10 days.
Despite the U.S. Department of Agriculture not publishing its weekly export sales report due to the government shutdown, the trade expects between 350,000 to 650,000 tonnes of U.S. wheat sold during the week ended Oct. 16.
IKAR raised its 2025 Russian wheat production estimate by 500,000 tonnes at 88 million, with total grain output up by 800,000 to 137.3 million tonnes. Projected exports for this marketing year increased by 300,000 tonnes at 57.8 million.
November SOYBEANS rose for the fifth time in six sessions, matching Tuesday’s high which was previously unseen in nearly five weeks.
U.S. President Donald Trump backtracked on Tuesday, saying there was no guarantee of a meeting between him and Chinese President Xi Jinping hours after saying they were going to have “a very successful meeting” at the APEC summit in South Korea later this month.
The Trump administration announced today the USDA commodity credit corporation will release over US$3 billion in farm aid. The Farm Service Agency will recall 6,400 employees to process ARC/PLC payments, farm loans and disaster programs. FSA county offices are to re-open on Thursday.
The trade expects 600,000 to two million tonnes in U.S. soybean export sales last week. It also projected soymeal sales at between 150,000 to 450,000 tonnes and soyoil in the 5,000- to 25,000-tonne range.
Abiove estimated Brazil’s 2025-26 soybean production at 178.5 million tonnes, up 6.7 million tonnes from last year. The country’s soybean crush was projected to rise by two million tonnes at 60.5 million.
December CORN moved up for the sixth time in its last seven sessions.
The trade guessed export sales of U.S. corn were between 800,000 to two million tonnes last week.
The U.S. Energy Information Administration reported average daily ethanol production rose by 38,000 barrels per day at 1.112 million during the week ended Oct. 17. Stocks were down 709,000 barrels at 21.919 million.
