Glacier FarmMedia – Canola futures on the Intercontinental Exchange closed slightly higher on Wednesday in choppy trading that saw heavy pressure from comparable oils.
Crude oil was down US$2.50 per barrel after OPEC+ said supply will rise to match demand in 2026. Meanwhile, Chicago soyoil, European rapeseed and Malaysian palm oil also finished the day lower.
An analyst said canola prices tend to drop as soon as they hit a resistance level, keeping them rangebound. For January canola that’s C$650 per tonne. He also said there is “not a lot of encouragement” coming from Chicago soyoil.
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Glacier FarmMedia – Canola futures on the Intercontinental Exchange were seeing choppy trade on Wednesday after earlier losses amidst pressure…
At mid-afternoon, the Canadian dollar was up one-tenth of a U.S. cent compared to Monday’s close. The Bank of Canada did not post a closing exchange rate on Tuesday due to Remembrance Day.
There were 51,825 canola contracts traded on Wednesday, compared to Monday when 33,255 contracts changed hands. Spreading accounted for 30,626 of the contracts traded.
December CORN on the Chicago Board of Trade rallied for the third straight session, reaching its highest price in a week.
Prior to the release of the United States Department of Agriculture’s World Agriculture Supply and Demand Estimates on Friday, analysts estimated 2025-26 U.S. corn production to be 16.557 billion bushels, compared to the USDA’s September estimate of 16.814 billion. The average yield would be 184 bushels per acre, down from the September estimate of 186.7.
U.S. corn stocks were projected by analysts to total 2.136 billion bushels compared to the USDA’s previous estimate of 2.110 billion. World ending stocks would be 282.75 million tonnes, up from 281.4 million in September.
ANEC estimated November Brazilian corn exports at 6.04 million tonnes, up 470,000 from their previous estimate.
January SOYBEANS were positive for the third session in their last four, while also reaching a weeklong high.
U.S. soybean production for this marketing year was projected by analysts at 4.266 billion bushels, down from the USDA’s September estimate of 4.301 billion. The average yield is to dip 0.4 bu./ac. at 53.1.
U.S. soybean stocks were estimated at 304 million bushels, four million more than the USDA’s previous estimate. World ending stocks would be up 220,000 tonnes at 124.21 million.
Reuters reported that Chinese soybean crushers are holding 7.5 million tonnes of soybeans while a record 10.3 million in stocks are at Chinese ports.
Brazil’s November soybean exports were estimated at 4.26 million tonnes, up 490,000 from October.
December U.S. WHEAT futures were steady to higher with gains within two cents per bushel.
Analysts expect U.S. wheat stocks to be 867 million bushels, up 23 million from the USDA’s September report. The increase would likely be attributed to greater production.
The average estimate for world ending stocks was 266.13 million tonnes compared to 264.06 million in September.
Rain is forecast for the eastern U.S. Plains this week, while western parts are to stay dry.
Cumulative European Union soft wheat exports are 8.38 million tonnes since July 1, down 330,000 tonnes from the same period last year. French soft wheat production was projected at 33.3 million tonnes, up 100,000 from October estimates.
Algeria purchased at least 150,000 tonnes of wheat from either the EU or the Black Sea region in a tender on Tuesday. Meanwhile, a South Korean importer bought 75,000 tonnes of wheat last night.
